New York (HedgeCo.Net) – Marcus Schrenker, the pilot turned money manager accused of faking his own death to avoid fraud charges, was transferred from a Tallahassee hospital to a Pensacola jail on Monday.

Schrenker, 38, purposely crashed his single-engine Piper in Florida last week, hoping authorities would confirm his death upon finding the wreckage. Meanwhile, he parachuted over Alabama before the plane started to go down. He was later found at a camp site after reportedly trying to commit suicide.

Schrenker was charged with fraud in Indiana where he allegedly bilked trusting investors out of hundreds of thousands of dollars through his company, Heritage Wealth Management. He also faces federal charges of purposely crashing his plane and placing a false distress call.

Authorities were tipped off when they realized that his distress call did not match up with the scenario. Schrenker had radioed that his plane had suffered a cracked windshield before imploding and causing him severe injury. However, when two rescue helicopters were dispatched along with two fighter jets, they saw that the windshield was not only intact, but the door was open with the pilot clearly missing.

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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