At first, we kind of liked this guy.
In January, troubled Indiana money manager Marcus Schrenker faked his own death by jumping out of a plane after radioing for help, parachuting into the Alabama woods, and riding off on a pre-stashed motorcyle. Pretty cool way to try and beat legal and financial problems.
But then he thoroughly botched the elaborate scheme and when hauled to jail, made wild claims about having multiple sclerosis and entering a witness protection program. Plus, as New York notes, he cried like a baby last week while being sentanced to four years in prison for his plane shinnanigans. You’d think that was rock-bottom.
But it gets worse. He built his phony investment business on the backs of friends and relatives, and may be forced to face them back in Indiana on additional charges, including fraud.
AP: Authorities say the troubled Indiana money manager who tried to fake his own death in a plane crash to avoid financial ruin had built his investment businesses on the backs of people he knew — acquaintances, a friend of 10 years and even his own aunt.
But his clients didn’t know he had sold them a nonexistent foreign currency fund, created false account information and used their money for personal expenses, investigators say.
Marcus Schrenker, 38, was sentenced Wednesday to more than four years in federal prison on charges stemming from the Jan. 11 plane crash in Florida. But his legal problems are far from over — he faces 11 felony counts tied to his financial dealings in Indiana, and each carries a penalty of two to eight years in prison. Indiana authorities have not yet made arrangements to bring Schrenker back to Indiana, but they expect him within the next few weeks.
Photo: New York Post
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.