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Wed, Oct 27, 2010

Convicted Indianapolis Money Manager Has No Ability To Repay

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 amount.

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.



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