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Man who tried to fake death pleads guilty to fraud
Law Firm News | 2010/09/16 02:52
pAn Indiana money manager who once led a high-flying lifestyle pleaded guilty to five securities fraud counts on Wednesday, nearly two years after he tried to fake his death in a Florida plane crash to escape the crush of financial and personal problems./ppMarcus Schrenker, 39, admitted the charges in a plea agreement under which he agreed to a 10-year prison sentence and prosecutors dropped four other charges. He also agreed to pay more than $600,000 in restitution. Prosecutors say he bilked friends, family members and other investors of more than $1 million./ppHe will remain in jail until his Oct. 7 sentencing, when Hamilton Superior Court Judge Steven Nation is expected to rule whether Schrenker serves the sentence at the same time as a federal sentence or afterward./ppSchrenker, shackled at his wrists and ankles and wearing an orange jail T-shirt emblazoned with Inmate 453 on its back in large black letters, told Nation he has been diagnosed with bipolar disorder and has taken medication for it since 1992./ppHis attorney, P. Chadwick Hill, said afterward that Schrenker didn't blame the disorder for his actions.
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