Schrenker auction expected to fall well short of claims

June 22, 2010

Investors who say they were bilked of millions by an Indiana money manager who tried to fake his death in a 2009 plane crash won't get much of their money back.

More than $30 million in claims have been filed against Marcus Schrenker, but a court-appointed receiver expects an auction of the financier's property on Saturday to bring in less than $1 million.

Receiver Wayne Davis says the sale of Schrenker's $1.15 million Indianapolis home netted just $100,000 to be distributed to claimants.

Items in Saturday's auction include watercraft, jewelry and the motorcycle Schrenker used to flee after parachuting from his plane over Alabama.

Key Auctioneers senior vice president Tim Boeglin estimates the items being auctioned are worth up to $500,000 retail but will fetch less.


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