Ind. sells convicted money manager’s stunt plane
Associated Press August 17, 2012 10:34AM
Updated: August 17, 2012 11:14PM
INDIANAPOLIS — Indiana officials have sold a stunt plane owned by a former money manager who’s serving a 14-year prison term for bilking investors.
Secretary of State Connie Lawson says Marcus Schrenker’s Model Extra EA 300/L stunt plane recently sold for $264,000 and represents the end of office’s efforts to close the case.
She says a total of $306,000 raised from the sale of Schrenker’s assets has been given to his victims.
Schrenker was arrested at a Florida campground in January 2009, two days after he bailed out of another plane in a bid to fake his death to escape mounting financial problems.
The former Fishers resident pleaded guilty in 2010 to securities fraud charges. A court report found Schrenker owed $3.9 million to investors and $9 million to creditors.