Missing pilot facing fraud charges

NOBLESVILLE, Ind. (WISH/AP) - A judge has ordered the arrest of a Hamilton County, Indiana man who authorities believe tried to fake his own death in a plane crash in Florida.

On Tuesday, prosecutors filed felony fraud charges against 38-year-old Marcus Schrenker. The Secretary of State's Securities Division has been investigating Schrenker, his company icon Group and two of his other business enterprises for the past three weeks.

A magistrate judge signed a warrant for Schrenker's arrest that ordered him held on $4 million cash bond.

24-Hour News 8 talked to one Hoosier that wasn't surprised by the charges. Bob Sellers said Schrenker was a big talker who made big promises.

Sellers said, "I can take that $425,000 and change that into a million dollars within six months."

But, that didn't happen, he didn't make a dime. So, Sellers decided to sue. A mediator settled it.

"We got about half of the $400,000," said Seller.

Secretary of State Todd Rokita said he believes Sellers is just one of many who may have been swindled by Schrenker.

Federal marshals have been searching for the investment bank manager since Sunday night's crash. They say he apparently made a phony distress call and secretly parachuted from his plane to safety near Birmingham, Alabama. Schrenker was caught on tape checking into a hotel in Childersburg. But, investigators believe he disappeared on a motorcycle he had stashed in advance.

Since Schrenker's disappearance he's sent an e-mail to his neighbor Tom Britt that said the situation was a misunderstanding and added: "By the time you get this, I'll be gone." To read more click here .

Schrenker's mom spoke out about her son's disappearance in a phone interview Tuesday morning. Marcia Galoozis said she believes her son is alive and well and hopes he turns up soon. She said she last saw her son when he visited northwestern Indiana last week for his stepfather's funeral, and didn't know he had money problems.

This story will be updated throughout the day as new information is made available.