Judge OKs plan to distribute Schrenker's assets - wave3.com-Louisville News, Weather & Sports

Judge OKs plan to distribute Schrenker's assets

Louisville, KY -

INDIANAPOLIS (AP) - A judge has approved a plan under which investors who lost millions in the financial schemes of an Indiana money manager who tried to fake his own death in a plane crash will get back seven cents on the dollar.

Hamilton County Chief Deputy Prosecutor Jeff Wehmueller says Circuit Judge Paul Felix approved the plan Friday in Noblesville to distribute Marcus Schrenker's assets.

An Oct. 12 report said the court-appointed receiver came up with only $556,000 in cash after seizing Schrenker's bank accounts and auctioning his property.

Schrenker, of Fishers, owes $3.9 million to investors whose money he misappropriated and another $9 million to creditors.

The 39-year-old is serving a total of 14 years in prison on securities fraud charges and other charges stemming from the 2009 plane crash.

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

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