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

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Is Steven Cohen Going to Buy the Brooklyn Nets?

Jan 19 2015 | 6:49am ET

Rumors that Steve Cohen was interested in the Brooklyn Nets emerged after Scott...

Guest Contributor

Investors Benefit From Evolution Of Fund Of Hedge Funds Model

Jan 22 2015 | 12:27pm ET

The evolution of the fund of hedge funds model over the last few years represents...

 

Editor's Note