Airplane Bailout Banker Charged by Feds

Federal officials charged the money manager for faking distress call

Wednesday, Jan 14, 2009  |  Updated 5:30 PM CDT
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Airplane Bailout Banker Charged by Feds

AP

The Florida campground where law enforcement captured fugitive investor Marcus Schrenker, who allegedly called in a false distress call from his private plane before parachuting out and allowing it to crash.

Marcus Schrenker left his troubled money management business with a parachute, but it wasn't a golden one.

Federal authorities have charged the Indiana money manager with faking a distress call from the air and intentionally wrecking his plane.

U.S. Marshals spokesman Scott Wilson said the charges were filed against 38-year-old Marcus Schrenker Wednesday afternoon.

He says Schrenker is expected to appear in a Florida court later this week.

Authorities tracked Schrenker to a campground in north Florida Tuesday night after a three-day run.

They suspect he parachuted from his small plane in Alabama, then left it on autopilot to crash in Florida as part of a bid to stage his death amid mounting personal and professional problems.

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