Marcus Schrenker Will Pay Restitution, Faces
Additional Prison Time
The pilot who attempted to escape charges of fraud for bilking
11 people out of more than $1 million dollars pleaded guilty to
five of the 11 counts against him in an Indiana court
Wednesday.
Marcus Schrenker agreed to serve a 10 year prison sentence and
repay over $600,000 in restitution, according to the Associated
Press. Schrenker attempted to fake his own death by placing his
airplane on autopilot and bailing out over Birmingham, AL with a
parachute. The plane later went down when its fuel was exhausted
near the gulf coast of Florida, over 200 miles away.
Schrenker's attorney said he had been diagnosed with
bipolar disorder, and had been taking medication for that condition
since 1992. While attorney Chadwick Hill said the condition
contributed to Schrenker's state of mind, it did not cause him to
commit the crimes or abandon the airplane in flight.
Schrenker is already serving a four-year prison term after being
convicted on federal charges which resulted from the airplane
crash. He was also ordered to pay more than $900,000 in fines and
restitution for that case.
The AP reports that Schrenker will remain in prison while he
awaits sentencing October 7th in Hamilton County Superior Court in
Indianapolis. It will be determined at that time whether the
10 year sentence for the securities fraud will run concurrently
with, or consecutively after the 4 year federal sentence.
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