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Funny Business
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CNBC.com |
We live in interesting times.
Warren Buffett says when the tide goes out you see who's been swimming naked, and the tide has gone out. Has the 38-year-old Schrenker, an Indianapolis pilot and money manager, been swimming naked? Schrenker runs firms like Icon Wealth Management and Heritage Wealth Management.
His companies have reportedly been under investigation for securities fraud, and he was just slapped with a lawsuit. News reports say his wife just filed for divorce, and his mother says he buried his father-in-law last Friday, the same day one of his firms was ordered by a judge to pay $533,000 to a life insurance company.
According to authorities in Alabama, Schrenker flew his single engine Piper Malibu from Indianapolis Sunday. At some point, he radioed air traffic controllers to report an in-flight emergency, that his windshield had imploded. Authorities believe he may have tried to fake his own death by then putting the plane on auto pilot and bailing out. The plane crashed near some homes in the Florida Panhandle, but no one was hurt. Investigators say Schrenker then turned up at a store a few hundred miles north in wet clothes and told police he'd been in a canoeing accident. He then apparently checked into a hotel under an assumed name...and disappeared.
Late last night police say they found a storage locker in Alabama where they claim Schrenker had been storing a motorcycle—the bike is gone. A neighbor back home in Indiana reportedly says he received an email yesterday from Schrenker—which cannot be verified—but which says the crash was an accident.
Schrenker claimed to be an experienced pilot, and here is a video he posted on YouTube just two days before Christmas.
Meantime, caught in the fallout, a San Diego firm called Heritage Wealth Management LLC, which is in overdrive this morning trying to make it clear it has nothing to do with the Heritage Wealth Management Schrenker runs. "Please be assured that our company, Heritage Wealth Management, LLC, has no connections or affiliations with Marcus Schrenker, the Indianapolis-based company or its associates," says a statement on its website.
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