Convicted Indianapolis Money Manager Has No Ability To Repay | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 05.18.15

Airborne 05.26.15

Airborne 05.27.15

Airborne 05.28.15

Airborne 05.29.15

Airborne Hi-Def On YouTube

Airborne 05.18.15

Airborne 05.26.15

Airborne 05.27.15

Airborne 05.28.15

Airborne 05.29.15

 

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.

FMI: www.indy.gov/eGov/Courts/Superior/Pages/Home.aspx

Advertisement

More News

Airborne 05.28.15: LA Heli Noise, Another NIMBY Case Defeated, GoodBye VOR/NDB

Also: Gone West: Tuskegee Airman LtC Mosley, Union Warned, E-4B Returns, All-Female UAL Crew, Malaysia Woes, Luke's 56th FW Last week, the FAA released a document stating that sign>[...]

AeroSports Update: BASE Jumpers Want Jumping Rights In National Parks

A Petition Has Been Posted To Remove BASE Jumping From U.S. National Park Aerial Delivery Law BASE jumping certainly falls into the category of extreme sports. Base jumping activis>[...]

AD: Slingsby Aviation Ltd. Airplanes

AD NUMBER: 015-11-01 PRODUCT: Slingsby Aviation Ltd. Models T67M260 and T67M260-T3A airplanes.>[...]

AD: International Aero Engines AG Turbofan Engines

AD NUMBER: 2015-10-04 PRODUCT: All International Aero Engines AG (IAE) V2500-A1, V2525-D5, and V2528-D5 turbofan engines, and certain serial numbers (S/Ns) of IAE V2522-A5, V2524-A>[...]

ANN's Daily Aero-Linx (05.29.15)

The North American Trainer Association (NATA) This is an independent, non-profit corporation dedicated to the restoration and safe flying of North American Trainers such as the AT->[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2015 Web Development & Design by Pauli Systems, LC