Browsing: Fraud

The U.S. Marshals report that Marc Schrenker has been found alive in Quincy, Florida. The fugitive money manager was found with his wrists slit at a campsite in Quincy. He may have attempted suicide — but you know, I kinda doubt he totally meant it. Speaking to CNN, the Marshals could not say for sure whether they had Schrenker or not. Whoever they have in custody, he’s been taken to a hospital in Tallahassee. []

dbag2.jpgSee previous entry: “Marcus Schrenker’s Fake-Out.”

Marcus Schrenker may have been a bad money manager, but so far, he’s pretty good at being a fugitive. And he is officially a fugitive now. Felony charges have been filed against Schrenker by Indiana authorities — he has been charged with “unlawful acts by a compensated adviser and unlawful transaction by an investment adviser.”

Basically, investigators in Hamilton County, IN think Marcus Schrenker used his firms, Heritage Wealth Management, Heritage Insuarance and Icon Wealth Management to defraud investors. No one is calling this a Ponzi scheme per se, but hey — there’s still time.

Schrenker’s getaway was also more well-planned than it seemed at first. Police in Alabama have determined that after the D.B. Cooper imitator vanished (again) from a South Alabama motel, he went to a storage unit where he’d secreted a motorcycle, took the bike and hit the road.

At this writing, he’s still in the wind — on the run from lawsuits, a pending divorce, and now these criminal charges.

I’d say chances are good that Schrenker is still in the South, and for all we know still using the pseudonym he trotted out when he checked into the Harpersville, Alabama motel from which he quickly fled: Jason Galoozis. I linked Schrenker to the Galoozis name in the previous entry, though I’m still not 100% sure of the relationship. The Galoozis in the obit wasn’t Schrenker’s father after all, but there was clearly some connection there.

In the “for what it’s worth” dept. — if you haven’t checked out Schrenker’s Heritage Wealth website as it appeared in 2005, you’re missing out a bit on some insight into the guy and just how slick he really was. Go there, click the “Who we are” link and then at the bottom, click Schrenker’s name. This will cue a video of a smooth-talking Schrenker vaguely explaining his company and how they care for their clients, yadayada. I haven’t figured out how to pull down the video yet, or I’d just post it here. [CNN]

Marc Schrenker’s homemade video of a stunt flight he made in the Bahamas. The soundtrack has been removed.

The pilot said there was severe turbulence. He in great distress and bleeding; his windshield had shattered. After that tragic report to a control tower in Atlanta, the pilot’s Piper Malibu slammed into a swamp outside Milton, Florida.

A short time later, Marc Schrenker, age 38, approached a cop in Childersburg, Alabama and said he’d had a canoeing accident. Schrenker wasn’t hurt, but he was wet from the knees down. The cop didn’t know about the plane crash. He took Schrenker to a hotel in Harpersville, Alabama. Schrenker signed in with a fake name, paid in cash and checked into his room.

Childersburg police quickly learned about the plane crash and they came back to the hotel. Schrenker was gone. He’d pulled on a black toboggan and vanished again, possibly into the woods.

Marcus “Marc” Schrenker had been in the pilot’s seat of the crashed Piper Malibu. He’d tried to pull a fake-out of some sort, with his claims of disaster in the air. The Fishers, Indiana-based money manager apparently had reasons for wanting others to think he was dead.

According to a filing made in Federal Court on December 22, 2008, Marcus Schrenker, the head of Heritage Wealth Management, Inc. was the defendant in a suit made by Creative Marketing International for breach of contract. Schrenker was also named in papers related to Delta Airline’s bankruptcy filing. Schrenker had done work analyzing post-retirement income possibilities for retiring Delta pilots. The filing stated that “review of the analysis described in the Schrenker Declaration shows that it contains multiple seriously flawed assumptions that decimate its validity.” (You can read and try to make sense of that document here. It’s a PDF.)

On top of all this, after this blog entry was first published, a sharp-eyed reader spotted what appears to be an obituary for Schrenker’s father.

So Marc Schrenker was, shall we say, in a rather bad place.

At this writing (and I will update this post if needed), Marc Schrenker may still be missing in the Alabama woods. Is he yet another example of the current economic crisis in action as a slippery money manager, no longer able to float (or support his love of awesome stunt planes), freaks out? Others have been committing suicide; Schrenker seems to at least be a little more creative.

While we try to find out a little more about this latter-day, sorta D.B. Cooper-like dude, go check out the website for Schrenker’s Indianapolis firm, Heritage Wealth Management. It may be more educational to look at the site as it appeared in 2005, when there was a video of a very smooth Schrenker talking about what his company did for its clients. He once apparently thought about starting something involving “Money Management for Pilots,” but it looks like he wasn’t too good at that sort of thing, after all.

Another link, via Schrenker and his wife Michelle once filed a suit against the Hamilton County, Indiana Sheriff’s Office for false arrest and unreasonable force [PDF]. Schrenker had been accused of riding a motorcycle illegally, and things went downhill from there. 

[, Fox News/AP; thanks to reader Kim for some of the links.]


WKRG in Alabama is reporting that Schrenker is in police custody. So far, they seem to be the only media outlet making this claim. (After I posted this update, WKRG backpedaled, saying that police couldn’t confirm Schrenker’s capture.)

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