NOBLESVILLE, Ind. (WISH/AP) - The former money manager who tried to fake his own death in aFlorida plane crash, plans to plead guilty to stealing hundreds ofthousands of dollars from 11 victims.
The plea agreement was filed on August 6th at the HamiltonCounty Courthouse.
Under the proposal, Marcus Schrenker agrees to a 10 yearsentence followed by four years of probation.
"Under the terms of probation he has to pay all fines fees andcourt costs maintain and undergo psych treatment and follow up careand forgo handling other peoples money for period of probation"said Deputy Prosecutor Jeff Wehmueller.
In exchange, the Hamilton County Prosecutor will drop four ofthe nine counts.
In January 2009, Schrenker faked his own death by bailing out ofhis plane. Securities investigators in Indiana had stared askingquestions about his business dealings and clients were claiming hehad stolen their money.
Schrenker's aircraft crashed in Florida. Police trackedSchrenker down to a campground where they found him in a tent. Hiswrist had been slashed.
A federal Judge in Florida later sentenced Schrenker to fouryears behind bars for the plane stunt.
Prosecutors say Schrenker stole more than a million dollars fromclients. Under the plea agreement, Schrenker is owning up tostealing more than $600,000. He owes 11 victims sums of moneyranging from $22,000 to 159,000 dollars.
"He wishes to make amends to investors that are involved. Tothat end he agreed to this plea agreement" said P. Chadwick Hill,Schrenker's attorney.
24-Hour News 8 requested a jail house interview with MarcusSchrenker to discuss the plea agreement; he denied our request.
One point of contention between the Prosecutor and Schrenker'sattorney is how the 4 year federal and 10 year state prisonsentences will be served.
The prosecutor will argue they be served consecutively meaning a14 year sentence. Schrenker's attorney will ask the judge to allowhis client to serve the two prison terms concurrently meaning thestate and federal sentences are served at the same time.
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