March 23, 2009
Parachuting Financier Hit With Fines, Restitution
By THE ASSOCIATED PRESS
Filed at 12:08 p.m. ET
INDIANAPOLIS (AP) -- A money manager accused of trying to fake his death in a plane crash has taken another financial hit.
Under an Indiana judge's order made public Monday, Marcus Schrenker must pay $304,000 in restitution to bilked investors and $280,000 in state fines. Investors told the judge in January that Schrenker cost them hundreds of thousands of dollars in losses.
Schrenker already was facing millions in judgments and potential penalties, ranging from an insurance company's lawsuit seeking $1.4 million in commissions to a judge's order that he pay $12 million in a lawsuit over the sale of a plane.
Schrenker was arrested in January after authorities say he bailed out of his plane to flee financial ruin. He faces federal charges stemming from his plane's crash in Florida.
Copyright 2009 The Associated Press
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