Monday, 26 January 2015
Last updated 2 days ago
Oct 8 2010 | 12:07pm ET
A hedge fund manager who tried to fake his death to avoid justice for defrauding investors of hundreds of thousands of dollars has been sentenced to 10 years in prison.
Marcus Schrenker disappeared last January after his plane crashed in the Florida panhandle. But Schrenker, the president of Heritage Wealth Management, had actually jumped out of the plane over southern Alabama as part of a scheme to fake his death just a day after his home and office had been raided and a Maryland court entered a half-million dollar judgment against him.
Schrenker was arrested days later at a Florida campground, but not without actually trying to kill himself, slashing his wrists and leaving a suicide note.
Under a plea deal, Schrenker's 10-year sentence on the Indiana state charges will run concurrently with his four-year federal sentence for crashing his plane and sending a fale distress signal.
"I'm so sorry," Schrenker said yesterday. "I let my assets control me."
Schrenker's fiery fake death came just days before fellow hedge fund fraudster Arthur Nadel left a suicide note and went missing.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…