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

AMA Drone Report

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday

Airborne-Thursday

Airborne-Friday

Airborne-Unmanned w/AUVSI

Airborne On ANN

AMA 04.20.17

Airborne
04.24.17

Airborne
04.25.17

Airborne
04.19.17

Airborne
04.20.17

Airborne
04.21.17

Airborne-Unmanned 04.25.17

Airborne-YouTube

AMA 04.20.17

Airborne
04.24.17

Airborne
04.25.17

Airborne
04.19.17

Airborne
04.20.17

Airborne
04.21.17

Airborne-Unmanned 04.25.17

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-Unmanned 04.25.17: UAS Broadcast, College Drone Racing, XPO17 LIVE!

Also: Aeryon Labs, Northrop Grumman, XTAR Connectivity, Bowling Green Drones The broadcast platforms of tomorrow may well be unmanned... and 360 Designs has just introduced the Fly>[...]

Airborne 04.25.17: Vietnam Helicopter Museum, Gleim Virtual Cockpit, Av Police

Also: Airport Fight, Aero-Calendar, H145, A321neo, Emirates, Airspace Workshops, Jeppesen A claim of discrimination has been filed against Contra Costa County, CA by the Vietnam He>[...]

AMA Drone Report 04.20.17: Phantom 4 Advanced, NJ NIMBYism, AMA-DJI Team Up

Also: AUVSI XPO17 LIVE!, Steady Drone Sales, Drone v Shotgun... DJI’s new Phantom 4 Advanced offers a more powerful camera and more upgraded controls. The new upgrades the or>[...]

Airborne-Unmanned 04.18.17: Drones v Volcanoes!, Boston Marathon UAVs, XPO-LIVE!

Also: State Pavilions at XPONENTIAL, MQ-8C Fire Scout, Puma UAS, Drone Bust Drones DO wind up in some of the most amazing places... As evidence by the Universities of Bristol and C>[...]

Airborne 04.24.17: Continental Responds, Textron Update, ISS Plus 2

Also: Planes Of Fame Update, Precious Metal, U-2 Accident, AA FAs, USAF X-37B, O'Hare Fly Quiet, UAL NonResponse Continental has provided ANN with an explanation of its recently-re>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC