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Fri, Jan 23, 2009

Lawyer: Schrenker Mentally Unfit To Stand Trial For Fraud, Fake Distress Call

Court Orders Bailout Pilot To Undergo Psych Evaluation

On Thursday, 38-year-old Indiana investment advisor Marcus Schrenker was in federal court in Pensacola, FL to enter a plea of not guilty to charges he tried to fake his own death, sent his unoccupied airplane on autopilot to crash in Florida, and originated a false distress call before bailing out over Alabama.

Schrenker's attorney told the court his client is not mentally competent to stand trial. Judge Roger Vinson ordered Schrenker sent for psychiatric evaluation in Miami as the next step.

Meanwhile, back at the Indiana Department of Insurance, investors turned out to tell Judge Doug Webber how Schrenker forged signatures on annuity applications, sold insurance in states where he wasn't licensed, failed to disclose early withdrawal penalties to customers, altered documents and lied to cover it all up.

The Fishers Star reports that after it was all over, Judge Doug Webber told investigators, "You have proved that he engaged in a course of conduct in which there has been massive misrepresentation by him or Heritage Wealth Management. The evidence is overwhelming."

With that, the judge ordered the revocation of the insurance licenses of both Schrenker and his company. State regulators want Schrenker fined $270,000, and ordered to pay another $320K in restitution.

FMI: www.usdoj.gov

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