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Thursday, January 15, 2009

Madoff-LITE Spends Night in Tallahasee



This story written by Bob Gabordi - Editor of the Tallahasee Democrat -

Allow me a second to speak for my kind: men.

Marcus Schrenker, dude, what were you thinking?

Take a look at picture No. 2 in our photo gallery. Marcus is depicted looking rather handsome, standing in front of a car I can’t afford and a private plane I can’t afford with his arm around his wife Michelle that I … well, I better stop there.

Other photos in the gallery show his home I cannot afford on a reservoir.In short: Wealthy and successful; lots of toys; fine home; even finer wife. Everything a man could want.

Sadly, incredibly, other photos show the results of all of that being not enough for the man. A crashed plane and what authorities believe might be evidence of his plot to fake his death.

Schrenker is at Tallahassee Memorial Hospital this morning, still recovering from what seem to be self-inflicted wounds. When he recovers, Marcus is being taken to federal court. He would be held at Gadsden County jail, which I’m pretty sure doesn’t have anything nearly as comfortable to sleep on as his home in Indiana.

It might be a while before he goes there again.

Schrenker, who was flying alone Sunday, is accused by authorities of jumping out of his six-seat Piper after setting it on autopilot and allow it to head toward heavily populated areas along the Florida-Alabama coast. It crashed in a swamp within some 75 yards of some homes in East Milton, according to the sheriff’s office. He apparently used a parachute, though later might have suffered self-inflicted wounds.

Schrenker landed in Alabama, where he retrieved a red Yamaha motorcycle with full saddlebags in a storage unit rented the day before his flight. He drove to the KOA campground in Chattahoochee, where the owners helped identify him for federal authorities.

The photo gallery shows a lot of this and our stories better explain the details.But Marcus Schrenker has a whole lot of people wanting even better explanations.Let’s start with the good people of Indiana, where he is accused defrauding investors of hundreds of thousands of dollars while president of Heritage Wealth Management.

As with his faked death, the rest of his life story gets complicated. A story on AJC.com says that Schrenker had convinced a lot of Delta Air Lines pilots to allow him to manage their pension plans. He offered to represent the pilots in their fight against Delta when the airline tried to eliminate their pensions during its bankruptcy proceedings, but never sh

He never showed up to a 2006 hearing. Just dropped out. The pilots were left to fend for themselves and ended up with a smaller than hoped for settlement.

Schrenker, who has a history of keeping a shady past hidden from investors, no doubt now faces as much media spotlight and sunshine as a man can handle.Some reports say the lovelyl Michelle was in the process of a divorce, too.

Oh, well. Take a good hard look at photo No. 2: It was a beautiful life while it lasted.

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