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: Eve Of Oshkosh, WomenVenture, Garmin Flight Stream, AEA Pilot's Guide The father-son duo of Babar Suleman and 17-year-old Haris Suleman of Plainfield Indiana had planned thei>[...]
IMC Clubs: Building Instrument Proficiency Through Community When it comes to flying, there is no substitute for proficiency and training. And maybe nowhere is that more important >[...]
Concorde Charges Up Our Oshkosh 2014 Coverage! Concorde Battery Corporation has been in the battery manufacturing business for over 30 years and is the world leader in Valve Regula>[...]
What is iFlightPlanner? iFlightPlanner is general aviation’s most comprehensive suite of easy-to-use flight planning tools for private and corporate pilots. Featuring iFlight>[...]
The Eclipse 550: Economical. Efficient. Incredible. The Eclipse 550 not only has the lowest acquisition cost of any twin-engine jet on the planet, it also has the lowest operating >[...]