Ind. filing: Ex-money manager, pilot Schrenker to plead guilty to securities fraud

Schrenker to plead guilty to Ind. securities fraud

INDIANAPOLIS — A former money manager convicted of trying to fake his own death in a Florida plane crash has agreed to plead guilty to securities fraud charges in Indiana.

A proposed plea agreement says Marcus Schrenker would face 10 years in prison in exchange for pleading guilty to five of 11 counts.

A hearing on the deal is set for Sept. 15 in Hamilton Superior Court in the Indianapolis suburb of Noblesville.

The Associated Press left phone messages seeking comment from prosecutors and Schrenker’s defense attorney.

Schrenker is accused of bilking friends, family members and other investors of more than $1 million.

He was sentenced last year to four years in federal prison for a January 2009 Florida plane crash in which he tried to fake his own death.

(This version corrects potential term to 10 years instead of six. )