Investors scammed by money manager who faked death lose big

INDIANAPOLIS (AP) - Investors who lost millions in the financial schemes of an Indiana money manager who tried to fake his own death in a plane crash would get back about 7 percent of their losses under a plan filed by a court-appointed receiver.

The report by the receiver appointed to document Marcus Schrenker's assets says he just doesn't have enough money to repay investors more than that.

The Oct. 12 report says that after seizing Schrenker's bank accounts and auctioning his property, receivers were left with only $556,000 in cash assets compared with $3.9 million in misappropriated money owed to investors.

The 39-year-old Schrenker was sentenced earlier this month to 10 years in prison after pleading guilty to securities fraud.

(Copyright 2010 by The Associated Press. All Rights Reserved.)