[UPDATE] Report: Investor Can't Repay Scammed Investors

By: AP
By: AP

[UPDATE] 10-25 1:38PM --

Indianapolis, Indiana (AP) --

Investors who lost millions in the financial schemes of an Indiana money manager who tried to fake his own death in a plane crash would get back about 7 percent of their losses under a plan filed by a court-appointed receiver.

The receiver's Oct. 12 report says Marcus Schrenker just doesn't
have enough money to repay everything he stole.

It says the receiver gained only $556,000 in cash by seizing
Schrenker's bank accounts and auctioning his property. The amateur
daredevil pilot owes $3.9 million to investors and $9 million to
other creditors.

The 39-year-old Schrenker was sentenced earlier this month to 10
years in prison after pleading guilty to securities fraud.

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[UPDATE] 10-12 2:41PM --

Noblesville, Indiana (AP) --

An Indiana money manager who tried to fake his death by parachuting out of a plane and crashing it claims he can't pay child support because he is destitute, but his estranged wife's lawyer isn't buying it.

Marcus Schrenker took the stand in shackles during a divorce
hearing Tuesday in Hamilton County Superior Court. Schrenker was
sentenced last week to 10 years in prison for securities fraud. He
also faces a four-year federal sentence for crashing the plane in
Florida in early 2009.

Schrenker says he has no money, but his wife's attorney says
Schrenker claimed in letters that he had more than $1 million in
offshore accounts, book offers, and a bag of gold that fell into a
river when he jumped out of his plane over Alabama.

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[UPDATE] 10-7 8:23AM --

An Indianapolis-area money manager who tried to fake his death in a Florida plane crash faces up to 10 years in prison when he is sentenced on securities fraud charges.

Marcus Schrenker is scheduled to be sentenced Thursday, Oct. 7 in Hamilton Superior Court in Noblesville.

Schrenker is accused of bilking friends, family members and
other investors of more than $1 million. He pleaded guilty to five
of 11 counts last month.

Schrenker was sentenced last year to four years in federal
prison for the January 2009 plane crash.

Schrenker was arrested at a Florida campground two days after
officials say he put his plane on autopilot and bailed out over
Alabama to flee personal and financial problems. The plane crashed
about 200 miles away.

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Indianaplois, IN (AP) -

A former money manager convicted of trying
to fake his own death in a Florida plane crash has agreed to plead
guilty to securities fraud charges in Indiana.

A proposed plea agreement says Marcus Schrenker would face 10
years in prison in exchange for pleading guilty to five of 11
counts.

A hearing on the deal is set for Sept. 15 in Hamilton Superior
Court in the Indianapolis suburb of Noblesville.

The Associated Press left phone messages seeking comment from
prosecutors and Schrenker's defense attorney.

Schrenker is accused of bilking friends, family members and
other investors of more than $1 million.

He was sentenced last year to four years in federal prison for a
January 2009 Florida plane crash in which he tried to fake his own
death.


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