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American Greed Episode 29: Crash and Burn

Case File

Crash and Burn

  • Marcus Schrenker
  • Schrenker owns Heritage Wealth Management, a financial planning firm focused on low-risk investments. Always one to hunt for new investment clients, Schrenker uses his love of aviation to make friends with commercial pilots offering to manage their retirement accounts.
  • The Con
  • Schrenker claims he only makes money if his clients make money. But, he does the opposite of what's promised. He invests money into one annuity after the next, racking up huge commissions and costing his clients hundreds of thousands of dollars in surrender fees.
  • Financial Turbulence
  • January, 2009... It's the worst financial meltdown since the Great Depression. On Wall Street, the stock market is in a free fall. On Main Street, home prices are plummeting. Inside a million dollar home near Indianapolis, Schrenker is ignoring his clients' panicked phone calls.
  • The Deception
  • Schrenker plans a trip in his single-engine Piper Malibu plane. He's flying solo. Two hours into the flight, he sends out a distress call. Did the plane go down? Rescue workers find twisted wreckage, but there's no pilot. Is he dead or alive?

Web Extras

  • Crash & Burn: The Marcus Schrenker Story Thursday, 18 Mar 2010 | 8:07 AM ET
    Marcus Schrenker makes millions. He's a Wall Street money manager and a stunt pilot. But clients say he's a con man who had the country wondering for days whether he was dead or alive. profiles a multi-million dollar story of deception!

    Marcus Schrenker is a Wall Street money manager and a stunt pilot. But clients say he’s a con man who had the country wondering for days whether he was dead or alive. Learn more.

  • Marcus Screnker Thursday, 11 Mar 2010 | 12:04 AM ET
    Marcus Screnker

    High-flying financier Marcus Schrenker fakes his death in a plane crash while under investigation for security fraud.

  • Wehmueller on Schrenker Thursday, 11 Mar 2010 | 12:06 AM ET
    Wehmueller on Schrenker

    Chief Deputy Prosecutor Jeffrey Wehmueller details the warning signs of fraudulent investments.

  • Investment Fraud Thursday, 11 Mar 2010 | 12:05 AM ET
    Investment Fraud

    Indiana Secretary of State Todd Rokita describes affinity fraud.