TBO.com - TBO is Tampa Bay Online

Ind. money manager allegedly bilked friends, aunt

ADVERTISEMENT

The Associated Press

Published: August 23, 2009

INDIANA - 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.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT