INDIANAPOLIS (August 17, 2012) – Secretary of State Connie Lawson and U.S. Rep. Todd Rokita today announced the stunt plane of Marcus Schrenker has been sold. Schrenker was an Indianapolis businessman who ran an intricate ponzi scheme swindling more than $4 million from investors. In January of 2009, he tried to evade the law by crashing his other plane into a Florida swamp in an attempt to fake his own death. He was later arrested in a Florida campground and is currently serving time in prison.
Read more: Ponzi schemer Marcus Schrenker’s stunt plane sold by Secretary Lawson’s office with help from U.S. Rep. Rokita
INDIANAPOLIS -- A stunt plane owned by an Indianapolis businessman who stole $4 million from investors before trying to fake his own death has been sold to benefit his victims.
Marcus Schrenker, who was convicted in 2010 of running an intricate Ponzi scheme, had used investor money to buy a Model Extra EA 300/L stunt plane.
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An offer of $264,000 was made on the plane this spring, but the Indiana Secretary of State's Office had issues finalizing the deal due to Federal Aviation Administration registration requirements.
Current Secretary of State Connie Lawson called upon previous secretary of state and current U.S. Rep. Todd Rokita, who was in office when action against Schrenker was first taken.
After working through red tape, they announced Friday that the plane had been officially sold.
"The Secretary of State's Office has been working diligently for years now to sell Schrenker's assets so his victims can receive reimbursement for their losses," Lawson said in a news release. "Selling this plane is the final chapter in this office's efforts to close this case and gives his victims the closure they deserve."
All of Schrenker's assets were seized and sold for a total of $306,000. Schrenker crashed his other plane into a Florida swamp in January of 2009 in an attempt to fake his own death but was arrested a short time later. He is currently serving 10 years in prison.
Ponzi schemer Marcus Schrenker’s stunt plane sold by Secretary Lawson’s office with help from U.S. Rep. Rokita
State sells Schrenker's stunt plane
NTSB Identification: ERA09FA133
14 CFR Part 91: General Aviation
Accident occurred Sunday, January 11, 2009 in Milton, FL
Probable Cause Approval Date: 12/20/2010
Aircraft: PIPER PA-46-500TP, registration: N428DC
Injuries: 1 Uninjured.
The pilot filed a flight plan from his home airport to an airport about 1 mile from the Gulf of Mexico. During the flight, the pilot reported to air traffic control that he was encountering moderate to severe turbulence and, later, that the windshield was "cracking." After reporting the loss of the airplane’s door, the pilot advised that the windshield "has gone." The pilot later transmitted that the airplane’s flight controls were locked, that he was bleeding profusely, and that he was "graying out." The pilot further advised that he intended to "point the aircraft at the gulf," and he then parachuted from the airplane without advising air traffic control. As the airplane continued toward the Gulf of Mexico, air traffic controllers continued attempts to assist the pilot, with no response. The airplane eventually impacted wooded terrain, under power, about 18 nautical miles north of the Gulf of Mexico and about 100 yards from a residential area. An examination of the wreckage revealed no preimpact failures or malfunctions, that the door was still attached to the airframe, and that the windshield was undamaged and secured in its frame. A law enforcement investigation subsequently determined that the pilot, who was facing legal problems, intentionally parachuted from the aircraft near where he had previously stashed a motorcycle. The pilot was apprehended and subsequently plead guilty to federal criminal charges.
The National Transportation Safety Board determines the probable cause(s) of this accident as follows:
The pilot's intentional inflight abandonment of the airplane.
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