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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

    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

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

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

    Indiana Secretary of State Todd Rokita describes affinity fraud.

American Greed Showtimes

AMERICAN GREEDATHON!
Windy City Wipeout/ Miami Burn- AG #74
Wednesday, August 27th 8pm ET/PT
Union Bu$ter/ the Fool’s Gold- AG #73
Wednesday, August 27th 9pm ET/PT
The Mormon Madoff- AG #63
Wednesday, August 27th 10pm ET/PT
Deadly Payout- AG #71
Wednesday, August 27th 11pm ET/PT
The Wealth Builder Club- AG #69
Wednesday, August 27th 12am ET/PT
Talk Radio Takedown- AG #76
Wednesday, August 27th 1am ET/PT
Don't miss any "American Greed" episodes. Check the U.S. TV schedule for additional showtimes.
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