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. Of what value is selling alcoholic beverages to State Fair patrons when there are many families with children attending. Is this the message we want to give children attending and participating in the Fair, another venue with alooholic consumption onsite. Is this to promote beer and wine production in the state which are great for the breweries and wineries, but where does this end up 10-15 years from now, lots more drinkers for the alcoholic contents. If these drinks are so important, why not remove the alcohol content and the flavor and drink itself similar to soft drinks would be the novelty, not the alcoholic content and its affects on the drinker. There is no social or material benefit from drinking alcoholic beverages, mostly people want to get slightly or highly drunk.

  2. I did;nt know anyone in Indiana could count- WHY did they NOT SAY just HOW this would be enforced? Because it WON;T! NOW- with that said- BIG BROTHER is ALIVE in this Article-why take any comment if it won't appease YOU PEOPLE- that's NOT American- with EVERYTHING you indicated is NOT said-I can see WHY it say's o Comments- YOU are COMMIES- BIG BROTHER and most likely- voted for Obama!

  3. In Europe there are schools for hairdressing but you don't get a license afterwards but you are required to assist in turkey and Italy its 7 years in japan it's 10 years England 2 so these people who assist know how to do hair their not just anybody and if your an owner and you hire someone with no experience then ur an idiot I've known stylist from different countries with no license but they are professional clean and safe they have no license but they have experience a license doesn't mean anything look at all the bad hairdressers in the world that have fried peoples hair okay but they have a license doesn't make them a professional at their job I think they should get rid of it because stateboard robs stylist and owners and they fine you for the dumbest f***ing things oh ur license isn't displayed 100$ oh ur wearing open toe shoes fine, oh there's ONE HAIR IN UR BRUSH that's a fine it's like really? So I think they need to go or ease up on their regulations because their too strict

  4. Exciting times in Carmel.

  5. Twenty years ago when we moved to Indy I was a stay at home mom and knew not very many people.WIBC was my family and friends for the most part. It was informative, civil, and humerous with Dave the KING. Terri, Jeff, Stever, Big Joe, Matt, Pat and Crumie. I loved them all, and they seemed to love each other. I didn't mind Greg Garrison, but I was not a Rush fan. NOW I can't stand Chicks and all their giggly opinions. Tony Katz is to abrasive that early in the morning(or really any time). I will tune in on Saturday morning for the usual fun and priceless information from Pat and Crumie, mornings it will be 90.1

ADVERTISEMENT