Sorry!! The article you are trying to read is not available now.

Crooked Money Manager Caught Faking Own Death

Print comment Post Comments
Somewhere in Tahiti, Kenneth Lay snickers and sips a Mai Tai.

Indiana money manager Marcus Schrenker got nabbed for trying to stuff his problems into a plane and send it reeling into the ocean. Yes, that's the solution most financial managers have for their messes, but rarely in the literal sense.

During his tenure, Schrenker scammed nine clients -- including his aunt -- out of roughly $1.5 million by hyping a nonexistent foreign currency fund. He spent the ill-gotten cash on, according to the Associated Press, "planes, luxury cars, and a 10,000-square-foot home in an upscale suburban Indianapolis neighborhood nicknamed Cocktail Cove."

The plan started to unravel -- as they're wont to do -- when the economy tanked and investors wished to move their money into other funds. Schrenker's computers, documents, and accounts were seized, and his assets and those of his estranged wife were placed in a court-controlled receivership by Indiana officials.

Facing no other sensible option, in January 2009, Schrenker piloted his small plane toward the Gulf of Mexico, placed the craft on autopilot, and parachuted into Alabama. The plane ran out of fuel en route and crashed into the Florida panhandle. Schrenker was found two days later with a self-inflicted wrist slash in a Florida campground.

Already serving four years for his unauthorized stunt show, Schrenker was served ten additional years in a state prison for fraud and ordered to pay $600,000 in restitution to his victims.

And meanwhile, somewhere in Tahiti, Kenneth Lay asks for the full body massage.
POSITION:  No positions in stocks mentioned.