Schrenker Bilked Friends And Family

Florida Milton Authorities say the troubled Indiana money manager Marcus Schrenker bilked about $1 million from friends and relatives before trying to fake his own death.

by Associated Press

Published: Sun, August 23, 2009 - 12:04 pm CST Last Updated: Sun, August 23, 2009 - 12:10 pm CST

INDIANAPOLIS (AP) - Authorities say the troubled Indiana money
manager who tried to fake his own death in a plane crash to avoid
financial ruin bilked about $1 million from friends and relatives
as part of an investment scheme that has led to 11 felony charges.
Investigators say Marcus Schrenker's clients didn't know he had
sold them a nonexistent foreign currency fund, created false
account information and used their money for personal expenses.
Schrenker is being held in Florida, where he was sentenced
Wednesday to more than four years in federal prison for the Jan. 11
plane crash. He is expected to return to Indiana in the next few
weeks.
Indiana Secretary of State Todd Rokita says investors should ask
hard questions even if they trust friends or relatives with their
money.

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Razorsharp Says:

Sun, Aug 23, 2009 at 1:43 pm

The expensive cars, the boats, the houses, the airplane, the expensive suit…no one seems to question the integrity of the man who has everything. My, my we have become a nation of self indulgence and materialism.