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State officials say the stunt plane of former Indianapolis money-manager and Merrillville native Marcus Schrenker has been sold for 264-thousand dollars, with proceeds going to help fraud victims of Schrenker recover losses. In January 2009, authorities say he tried to evade the law by crashing his other plane into a Florida swamp to fake his own death. He was later arrested in a Florida campground and is currently serving time in prison. Secretary of State Connie Lawson says the Model Extra EA 300/L was the largest single asset purchased by Schrenker using investor money.
Here's the news release:
INDIANAPOLIS (August 17, 2012) – Secretary of State Connie Lawson and U.S. Rep. Todd Rokita today announced the stunt plane of Marcus Schrenker has been sold. Schrenker was an Indianapolis businessman who ran an intricate ponzi scheme swindling more than $4 million from investors. In January of 2009, he tried to evade the law by crashing his other plane into a Florida swamp in an attempt to fake his own death. He was later arrested in a Florida campground and is currently serving time in prison.
The Model Extra EA 300/L stunt plane was the largest single asset purchased by Schrenker using investor money and final asset to be sold. The plane sold in the spring of 2012 for $264,000, but due to Federal Aviation Administration (FAA) registration requirements, the sale of the plane was difficult to finalize. Because state action against Schrenker commenced under then-Secretary of State Todd Rokita, Secretary Lawson contacted Rokita for advice on how to best navigate the FAA registration process.
Rokita provided key assistance that resulted in finalizing the registration and sale of the stunt plane in weeks rather than months, expediting the return of the profits to Schrenker’s victims to recover a small portion of their losses.
“The Secretary of State’s office has been working diligently for years now to sell Schrenker’s assets so his victims can receive reimbursement for their losses,” said Secretary of State Connie Lawson. “Selling this plane is the final chapter in this office’s efforts to close this case and gives his victims the closure they deserve.”
“During my service as Indiana’s Secretary of State, investigating and bringing fraudsters to justice was an important priority of mine, and it was important to follow through until we were able to resolve this issue. I commend Secretary Lawson for working tirelessly to make certain Indiana’s securities laws are followed. I’m glad I was able to work successfully with her office to clear up FAA red-tape that was blocking the sale of this aircraft. Selling this plane will provide Mr. Schrenker’s victims with some relief,” said Rokita.
All of Marcus Schrenker’s assets were seized and sold, for a total of $306,000. The money was returned to Schrenker’s victims to cover a portion of their losses.
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