Schrenker, Who Crashed Plane To Fake Death, Gets 10 Years For Fraud

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.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of