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.
"The RCAF took the initiative to remove these functional, perfectly good parts and use them effectively. It was a sound decision, helping to ensure the long-term viability of the a>[...]
Integrates Preventative Maintenance, Flight Scheduling, And Mission Planning The 'next evolution' of the F-35 Lightning II's information technology backbone called the Autonomic Lo>[...]
Delivers First A380 To Qatar Airways Saying Airplane Is 'Ideal' For The Region Airbus has delivered Qatar Airways' first A380, and has used the occasion to tout the airplane as pla>[...]
International Jet Aviation, Make-A-Wish Foundation, To Be Honored In Orlando The NBAA is pleased to announce that International Jet Aviation Services of Centennial, CO and the Make>[...]
Applications Period Open For Space Technology Grants NASA is seeking applications from U.S. graduate students for the agency's Space Technology Research Fellowships. The research g>[...]