IBJNews

Schrenker to plead guilty to securities fraud

Back to TopCommentsE-mailPrintBookmark and Share

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.

Marcus Schrenker could face 10 years in prison in exchange for pleading guilty to five of 11 counts under a proposed plea agreement with Hamilton County prosecutors. He also could be required to pay more than $600,000 in restitution.

Schrenker is accused of bilking friends, family members and other investors out of millions of dollars. More than $30 million in claims have been filed against him, but a court-ordered auction of the financier's property in June brought in far less. The sale of Schrenker's $1.2 million Geist home netted just $100,000.

A hearing on the deal is set for Sept. 15 in Hamilton Superior Court in the Indianapolis suburb of Noblesville. A judge still has to accept Schrenker's plea before the agreement can take effect.

Schrenker 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.

The only remaining dispute in the Indiana case is whether Schrenker should serve his sentence here at the same time as a four-year federal sentence out of Florida, said Jeff Wehmueller, administrative chief deputy prosecutor in Hamilton County.

"He wants it to run concurrently, and I think otherwise," Wehmueller said. "We believe there is a solid legal argument for consecutive."

The Associated Press left a phone message seeking comment from Schrenker's defense attorney.

Schrenker was arrested at a Florida campground in January 2009, 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.

He has claimed he was under psychiatric care and on medication for more than a year beforehand. He said he had been mentally incompetent due to stress and a prescription drug problem.

Under the agreement filed Aug. 10, Schrenker would agree to undergo psychiatric treatment as ordered by his probation officer and not to offer financial advice or work in financial management.

ADVERTISEMENT

  • Could be your neighbor
    I'm thinking Geist Reservoir should be renamed. How about Heist Reservoir? or maybe Shyster Reservoir?
  • What about Tim Durham and Jim Cochran?
    Marcus is a nobody and everyone wants to yap about what a big bad wolf he is. What about the real crooks Tim Durham and Jim Cochran, who fleeced elderly Ohioans out of zillions of dollars, why are they not in jail?

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

ADVERTISEMENT