INDIANAPOLIS (AP) - An Indiana financial manager who parachuted from a small plane in a suspected bid to fake his death handled lucrative accounts in several states for years despite repeated accusations that he was bilking investors.
Regulators in at least three states were warned about Marcus Schrenker, in one case as early as 2002. Schrenker is now in a Florida jail.
It took nearly seven years before Indiana launched a criminal investigation of Schrenker. Officials say he deliberately switched his licensing from state to state to create confusion. Felony charges are pending in Indiana, where authorities have frozen Schrenker's assets and those of his wife.
He also faces nearly $9 million in potential and actual judgments and legal claims.