January 13, 2009

Heritage Wealth Management Exec Fakes Plane Crash

http://www.collegenews.com/uploads/plane-crashzz.jpg

Marcus Schrenker, was, or is, an Indiana businessman whose financial management companies, Heritage Wealth Management Inc., Heritage Insurance Services Inc. and Icon Wealth Management, were under investigation. Now it appears he apparently bailed out of his small plane and let it crash in what may have been an attempt to fake his own death.

Now why would Schrenker do this? Well, reports are that he has been sued for $1.4 million:

In court papers filed in December in federal court in Indianapolis, collection agent Creative Marketing International claims that Marcus Schrenker, acting as an insurance broker, failed to remit commission reimbursements of $1.4 million to National Western Life.

That's just part of it. Also, according to AP:

On Friday, two days before the crash, a federal judge in Maryland issued a $533,500 judgment against Heritage Wealth Management Inc., and in favor of OM Financial Life Insurance Co. The OM lawsuit contended that Heritage Wealth Management should have returned more than $230,000 in commissions because there were problems with insurance or annuity plans Heritage had sold.

So, besides the lawsuit, there was also a judgment already in place.

According to authorities, Marcus Schrenker made a fake distress call and secretly parachuted to safety near Birmingham, Alabama. Meanwhile, his plane flew on autopilot, eventually crashing late Sunday more than 200 miles away in a swampy area of the Florida Panhandle.

His distress call said the windshield had imploded and he was bleeding, but after finding the plane, authorities could find no such evidence.

At any rate, the name Heritage Wealth Management, in these days of Bernie Madoff ponzi schemes, should raise red flags all over the place.

Authorities are still searching for Schrenker.


Source: Huliq

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