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Funny Business
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As the hunt continues for missing money manager Marcus Schrenker, the FBI told me he is still at large and directed me to the U.S. Coast Guard out of Mobile, Alabama.
The Coast Guard has been called in because Schrenker, an Indianapolis financial advisor facing legal troubles and personal problems (see my previous blog) is accused of issuing a false distress call Sunday night.
Schrenker apparently flew his small plane from Indianapolis south toward the Gulf, when authorities believe he may have tried to fake his own death by claiming problems on board, then ditching the aircraft in mid-air, parachuting to safety. The plane crashed. Schrenker was later seen in northern Alabama but has since disappeared.
The Coast Guard tells me its personnel are not part of the current active search for Schrenker--who could be anywhere at this point, possibly on a red motorcycle police claim he took from a storage locker he recently rented in Alabama. Instead, the Coast Guard is in the process of adding up all the cost of the search (military planes, etc) used after Schrenker reported his mid-air emergency. After he called "May Day", a search was launched to find him. Rescue planes reportedly found the aircraft while it was still in flight, and saw the cockpit empty and a door open. The plane eventually came down near homes, but no one was hurt.
The active search for Schrenker remains in the hands of the U.S. Marshal's office in Northern Alabama.
Also today, prosecutors are charging Schrenker with two securities violations--both felonies--in connection with his companies: Heritage Wealth Management (NOT to be confused with San Diego-based Heritage Wealth Management, LLC), Heritage Insurance Services, and Icon Wealth Management.
The Birmingham News reports that Schrenker is charged with doing business as an investment advisor even after his license lapsed. A judge has ordered Schrenker arrested, and bond has been set at $4 million in cash.
Finally, a neighbor of Schrenker's, Tom Britt, who publishes www.atGeist.com which covers the Indianapolis region where both men live, says he received an email claiming to be from Schrenker saying the plane crash was an accident. "I embarrassed my family for the last time," the email reads, "and by the time you read this I will be gone.''
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