Schrenker to plead guilty in fraud case

NOBLESVILLE, Ind. (WISH/AP) - The former money manager who tried to fake his own death in a Florida plane crash, plans to plead guilty to stealing hundreds of thousands of dollars from 11 victims.

The plea agreement was filed on August 6th at the Hamilton County Courthouse.

Under the proposal, Marcus Schrenker agrees to a 10 year sentence followed by four years of probation.

"Under the terms of probation he has to pay all fines fees and court costs maintain and undergo psych treatment and follow up care and forgo handling other peoples money for period of probation" said Deputy Prosecutor Jeff Wehmueller.

In exchange, the Hamilton County Prosecutor will drop four of the nine counts.

In January 2009, Schrenker faked his own death by bailing out of his plane. Securities investigators in Indiana had stared asking questions about his business dealings and clients were claiming he had stolen their money.

Schrenker's aircraft crashed in Florida. Police tracked Schrenker down to a campground where they found him in a tent. His wrist had been slashed.

A federal Judge in Florida later sentenced Schrenker to four years behind bars for the plane stunt.

Prosecutors say Schrenker stole more than a million dollars from clients. Under the plea agreement, Schrenker is owning up to stealing more than $600,000. He owes 11 victims sums of money ranging from $22,000 to 159,000 dollars.

"He wishes to make amends to investors that are involved. To that end he agreed to this plea agreement" said P. Chadwick Hill, Schrenker's attorney.

24-Hour News 8 requested a jail house interview with Marcus Schrenker to discuss the plea agreement; he denied our request.

One point of contention between the Prosecutor and Schrenker's attorney is how the 4 year federal and 10 year state prison sentences will be served.

The prosecutor will argue they be served consecutively meaning a 14 year sentence. Schrenker's attorney will ask the judge to allow his client to serve the two prison terms concurrently meaning the state and federal sentences are served at the same time.