Friday, 22 May 2015
Last updated 7 hours 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…