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Politics | 01/19/2009 10:15 am

'Fraudulent' Financier Schrenker and Mistress Misbehaved as Cops Raided Wife's Home

By The staff at wowOwow.com

Marcus Schrenker’s a real piece of work.

Not only did the allegedly fraudulent financier fake his own death after placing a false distress call from his airplane, but he took his mistress on vacation while authorities raided his wife’s home for evidence of his crooked ways. What a guy, right?

The New York Post obtained videotape showing Schrenker and his girlfriend arriving at an Indiana airfield, loading their luggage into a plane and taking off. Flight records show they went to Key West in Schrenker’s $2 million plane, and they likely partied it up as they rang in the New Year. The next day, Schrenker’s wife of 13 years, Michelle, 36, filed for divorce and later had her house raided by feds looking for evidence in the fraud case against him. For her part, Michelle Schrenker claims she had no idea about her hubby’s bad dealings. 

"To Michelle’s dismay, at the time her home was being searched, Marcus was in Florida with his girlfriend," Michelle Schrenker’s lawyer said last week.

The evidence keeps mounting against Schrenker. Fresh reports say the Indiana-based financial manager handled lucrative accounts in several states for years despite repeated accusations that he was stealing from investors. Regulators in at least three states were warned about him, AP says, and one case dates back to 2002. Despite all this, it still took seven years for authorities to build a case against him. Schrenker, 38, was recovering at a Tallahassee, FL, hospital following an apparent suicide attempt after he jumped out of his plane with authorities on his trail. He was booked into the Escambia County Jail on Sunday. 

Meanwhile, yet another money man has gone missing.

Federal investigators are trying to decipher what happened to Arthur G. Nadal, the operator of a massive hedge fund that could be worth up to $350 million. Nadal, 75, was reported missing by family last week after he left a "very distraught" note. His car was found in an airport parking lot but there’s no sign of Nadal himself. Florida police have received at least seven complaints from cash-broke investors. All this makes us wonder if there’s any end to the apparent epidemic of financial scandals.  

8 Reader Comments (so far…) Sign In or Register to comment

Jennifer Dooley
We need to re issue our currency! For many reasons, but in the cases of all these known and yet to surface, their off shore accounts and all the illegal monies would have to come forth or be unusable, what sweet justice this would be.
By Jennifer Dooley on 01/19/2009 10:26 am
Patty E
Now that is something I am going to think about seriously—-repercussions, is it even possible, how would that affect the 80-some percent of corporations that don;t pay taxes because they shelter their profits off-shore….What really irks me to, is that the bail-out money given, was given to companies who off-shore THEIR profits! A long time ago, 1995 or so, I belonged to a group of women, who were on a mission to become ‘aware’—-one afternoon, we sat around and discussed the demise of money, with it being replaced by a barter system…..I think we might be there now! hahah The money we have today, is not much more than ‘funny money’, or ‘monopoly game’ money….It is being printed, but there is nothing to back it up! And since Reagan got rid of the gold standard to underwrite the currency—-it is the wild wild west! Just print the money—-who cares if there is no value to it!
By Patty E on 01/19/2009 10:51 am
Jennifer Dooley
Patty, Thank you for bring up the Reagan Gold Standard. That is a huge player in this mess. Not having our currency equal to Fort Knox. Imaginary play monies. Something Thomas Jefferson and Payne wrote extensively about being the most dangerous thing that could happen to our nation, would be to have the currency not equal to our real treasury.( They had a taste of the pit falls during the Revolutionary War, when they just keep printing money, when we had none) I have been working on a post for the Obama site in regards to re issue. I can Hope it will happen….
By Jennifer Dooley on 01/19/2009 4:37 pm
f p
He’s a typical slime bag not really worth anyone s time.
By f p on 01/19/2009 10:27 am
Patty E
We, as a society, have always looked up to ‘the smart ones’…I think its’ time to ‘qualify’ what we mean by that….does ‘a smart businessman’ translate to getting a ‘good deal’, which means getting something for less that what it is worth? ie ‘stealing it?’ just a little bit? or in the case of those who are ‘smart enough’ to manage other peoples money, would a measure of ETHICS be at all possible something to quantify? Is it possible to implant a chip in the brain that prevents GREED? Why have we always given Kudo’s to the ones who ‘beat the system”? We, as humans, have become morally bankrupt—-and like standing in the path of the snowball rolling down the hill, it is knocking us all down…. Seems to me, now that OBama has been elected as our next President, a whole bunch of corruption is being ‘all of a sudden’ uncovered! How come no one saw this before? Why, if seen prior to now, are those who literally raped the rest of us, all of a sudden facing repercussions? So when are we going to redefine ‘smart’ to mean one is SO smart, that he knows how to be honest?
By Patty E on 01/19/2009 10:42 am
Brooklyn Gal
Please—no more “house arrests” for any of them! The problem here is the lack of real, good investigations. I have a feeling these types of stories are going to snowball.
By Brooklyn Gal on 01/19/2009 11:00 am
Z ****
Notice the stories have the same thread — regulators ignored warnings — WHAT were the regulators doing all these years?
By Z **** on 01/19/2009 11:39 am
Micky Mc
sitting on their laurels counting bribe money!
By Micky Mc on 01/20/2009 1:33 am