Lawyer: Schrenker Mentally Unfit To Stand Trial For Fraud, Fake Distress Call | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

** Airborne 07.25.14--CLICK HERE! ** HD iPad-Friendly Version--Airborne 07.25.14 **
** Airborne 07.23.14--CLICK HERE! ** HD iPad-Friendly Version--Airborne 07.23.14 **
** Airborne 07.21.14--CLICK HERE! ** HD iPad-Friendly Version--Airborne 07.21.14 **

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

Advertisement

More News

It's Turbo Time! AeroVee Turbo Orders Now Accepted

Will Offer Significant Performance Boost For Sonex Aircraft Sonex Aircraft announced at a press and customer briefing Sunday morning that orders are now being accepted for the long>[...]

There's A New Light Sport Amphib Coming To The Block

MVP.Aero Introduces What It Calls The Worlds 'Most Versatile Plane' A new sport plane that is designed to operate from runways, water, and snow and ice was introduced Sunday aftern>[...]

Historic OSH2014 Sponsor: Bendix-King by Honeywell

OSH2014 Sponsor: Bendix-King by Honeywell The history of the Bendix name runs parallel to the development of King Radio until the mid-1980s, when the Allied Corporation purchased B>[...]

Revolutionary OSH2014 Sponsor -- Aviation Modifications Leaders

Aviation Modifications Leaders -- Unique Solutions For Critical Applications During two decades of designing, engineering and installation of Satcom systems with Honeywell (Allied >[...]

OSH2014 Sponsor: 'Super-App' ForeFlight

LONG-TIME ANN Sponsor, ForeFlight, Provides GREAT Guidance For Oshkosh 2014! ForeFlight was founded in 2007 by aviation entrepreneurs who set out to build elegant, high-performing >[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC