Money Manager Making Amends. Sort of
A former Fishers, Ind., money manager sentenced to 10 years for securities fraud has reached an agreement to pay back his victims, WISH-TV, Indianapolis, reported.
The money manager, Marcus Schrenker, will provide the remainder of his assets to 51 investors and 12 other creditors.
Schrenker will pay out $293,000, despite facing claims of more than $20 million. An auction of his assets collected $556,000, but nearly half was used for attorney fees, administrative costs and taxes.
In addition to the securities fraud, Schrenker was sentenced earlier this year to 51 months in prison for intentionally crashing his plane in January. He was subsequently caught in a campground in Florida..