Wed, Oct 27, 2010
Marcus Schrenker Attempted To Fake His Own Death By Bailing Out
Of His Airplane
The former Indianapolis, IN money manager who parachuted
out of his airplane in an attempt to fake his own death and escape
the wrath of investors who lost millions has no ability to repay
his victims, a court-appointed receiver says.
Proceeds from the sale of assets owned by Marcus Schenker,
including his house, cars, and an acrobatic airplane, only totaled
about $556,000, according to Fox News. Schrenker's dealings left
him owing nearly $4 million to investors, and $9 million to other
creditors. They stand to get back only pennies on the dollar.
The $1 million Schrenker claimed to have in offshore accounts
could not be substantiated. The report from the court-appointed
receiver said finding that money would likely cost more than that
So at the end of the day, after taxes, only about $276,000 is
left to satisfy the people Schrenker bilked out of their money.
Schrenker has been sentenced a 10 year prison term for
securities fraud, and is currently serving a 4 year sentence from
his conviction on federal charges following his plane crash. A
hearing on the receiver's report, which must be approved by a
judge, is set for Dec. 3.
Also: Boeing's 787-9 Demo, Hartzell's TBM Wonder-Prop, More Santa Monica Maneuvering, Garmin Global Pilot, Even more TSA Stupidity Greg Koontz has been named the recipient of this >[...]
Also: UK To OSH--By Microlight, On The Eve of Oshkosh 2014, FAA OKs SpaceX TX Launch Site, Extra-Capacity Q400 NextGen Details of the shoot down of MH17 are changing rapidly and ve>[...]
Covers AFIRS for 700/800/900 Models The FAA has granted a re-issued a Supplemental Type Certificate (STC) for the Hawker Beechcraft 700/800/900 model aircraft to Flyht Aerospace So>[...]
Also: Jam-Packed Opening Day Promises That "This Isn't Over" in EAA v FAA Fight ICON Aircraft has been granted a waiver by the FAA to allow a maximum gross takeoff weight to sixtee>[...]
Diamond Aviators Association The Diamond Aviators Association (the DAA) is a membership organization established to educate, promote the safety of, and support the owners and pilot>[...]