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.

FMI: www.hamiltoncounty.in.gov/departments.asp?id=5627