Pilot wanted on financial fraud charges bails out of plane to fake death

[FRED]

Pilot bails out of plane to fake death
Jan. 12, 2009 (Jane Sutton - Reuters)

MIAMI (Reuters) - A pilot wanted on financial fraud charges parachuted out of his plane over Alabama and allowed the aircraft to crash in neighboring Florida in an apparent attempt to fake his death, sheriff's investigators said on Monday.

Authorities launched a manhunt for the pilot, who survived and checked into an Alabama hotel, and then fled, the Santa Rosa County, Florida, sheriff's office said.

The pilot, identified as Marcus Schrenker, 38, was the only person aboard the plane that took off for Florida on Sunday from Anderson, Indiana.

Over Alabama, the pilot made a bogus emergency call, saying the plane's windshield had imploded and he was bleeding profusely. He then put the plane on autopilot and parachuted out, investigators said.

Military jets were scrambled to aid the plane, a Piper PA-46 Turbo Prop, and the military pilots noticed the Piper's door was open. They followed the empty plane to northwest Florida, where it crashed on Sunday night near the city of Milton, in a swampy area within a few hundred yards of some houses, said Sgt. Scott Haines of Santa Rosa County Sheriff's office.

A man believed to be the pilot approached police near the Alabama city of Harpersville on Sunday night, wet up to the knees and seeking help. He told them he had been in a canoe accident, showed them a drivers license identifying him as Schrenker and was taken by police to a hotel, investigators said. more...

AntiSpin: Why, oh, why didn't he explain that the knee high mud resulted from his untimely fall to earth from the fourth dimension in a desperate bid to escape the gravitational forces of teraspace with his investors' hard earned savings, at great risk to his own personal safety?

Too bad. Then he could have explained to his investors "Energy reduces much faster in teraspace with distance than in the 3rd dimension, so both light and sound are weaker. Much more things can be compacted into a small space, such as your money, and its much easier to get lost."

Instead his investors will likely hang around outside his government paid for hotel room with their lawyers, in the same dark dimension of reality as the rest of us.

[GRG55]

Re: Pilot bails out of plane to fake death

Pilot bails out of plane to fake death
Jan. 12, 2009 (Jane Sutton - Reuters)

MIAMI (Reuters) - A pilot wanted on financial fraud charges parachuted out of his plane over Alabama and allowed the aircraft to crash in neighboring Florida in an apparent attempt to fake his death, sheriff's investigators said on Monday...

If he wanted to parachute out of a plane and disappear with all the loot, he really should have studied how D.B. Cooper did it...

On the afternoon of November 24—35 years ago Friday—a non-descript man calling himself Dan Cooper approached the counter of Northwest Orient Airlines in Portland, Oregon. He used cash to buy a one-way ticket on Flight #305, bound for Seattle, Washington. Thus began one of the great unsolved mysteries in FBI history...

http://www.fbi.gov/page2/nov06/cooper112406.htm

http://www.fbi.gov/page2/dec07/dbcooper123107.html

[Rajiv]

Re: Pilot bails out of plane to fake death

See also

http://www.heritage-wealth.com/

and

http://www.hwm-llc.com/

LETTER TO OUR CLIENTS

In light of recent events, I wanted to clarify any concerns you may have surrounding the plane crash near Florida. According to CNN, the pilot [Marcus Schrenker] is affiliated with an Indianapolis-based company called Heritage Wealth Management, Inc. While the matters surrounding the plane crash remain unclear, there have been questions regarding any connections between our company and the pilot.

Please be assured that our company, Heritage Wealth Management, LLC, has no connections or affiliations with Marcus Schrenker, the Indianapolis-based company or its associates.

[LargoWinch]

Re: Pilot wanted on financial fraud charges bails out of plane to fake death

After several days of Photoshop, I finally figured out who kept Hank's hair nice and tidy during the descent:

[Shakespear]

Re: Pilot wanted on financial fraud charges bails out of plane to fake death

I suspect there could be a business opportunity for the "willey cayotes" out there, "Life Reboot Inc."

Service provided:

1) We fake your death
2) Take care of all necessary "wet" and paper work necessary
3) Best plastic surgery Brazil can provide
4) Month of relaxation and "life story" training in Cayman Isls.

Only $5 million with no VAT. ;);)

The way they are dropping lately I suspect someone maybe in this business.

[D-Mack]

Re: Pilot wanted on financial fraud charges bails out of plane to fake death

Military jets were scrambled to aid the plane, a Piper PA-46 Turbo Prop, and the military pilots noticed the Piper's door was open. They followed the empty plane to northwest Florida, where it crashed on Sunday night near the city of Milton, in a swampy area within a few hundred yards of some houses, said Sgt. Scott Haines of Santa Rosa County Sheriff's office.

Unbelieveable they scrambled jets...

[jayers4647]

Re: Pilot wanted on financial fraud charges bails out of plane to fake death

http://www.indystar.com/article/2009...74/1282/NEWS02


Another riches story gone very bad/sad with more investor losses.

The ending probably will not be good.

[Verrocchio]

Re: Pilot wanted on financial fraud charges bails out of plane to fake death

The ending probably will not be good.

Yes, the ending may be not so good. But if the photo of the parachutist and his wife are any indication, the middle part wasn't too bad!


Marc Schrenker and his wife, Michelle, lived in a large Geist
Reservoir home with a boat dock and pool deck. She has filed
for divorce.

[don]

Re: Pilot wanted on financial fraud charges bails out of plane to fake death

Another Trophy steps off the wall and takes flight :p

[Munger]

Re: Pilot wanted on financial fraud charges bails out of plane to fake death

The Bezzle.

[strittmatter]

Re: Pilot wanted on financial fraud charges bails out of plane to fake death

Yes, the ending may be not so good. But if the photo of the parachutist and his wife are any indication, the middle part wasn't too bad!


Marc Schrenker and his wife, Michelle, lived in a large Geist
Reservoir home with a boat dock and pool deck. She has filed
for divorce.

Mama always said life isn't fair, but should there not be some restriction on the amount of "fun" that the attorneys for toxic wives are getting to have these days?

[FRED]

Re: Pilot wanted on financial fraud charges bails out of plane to fake death

The Bezzle.

KAI VIGELAND: The reach of the Madoff scandal is so vast that today the FBI set up a special hotline for investors who think they're among the victims. The agency may want to keep that line open even after the dust settles. Because history teaches us that it probably won't be the last scam of this economic cycle.

There's a name for the part of the cycle we're in -- It's called the "bezzle."

Richard Parker of Harvard's Kennedy School knows all about it. Professor Parker good to have you with us.

PARKER: Delighted to be here.

VIGELAND: So, tell us. What is the "bezzle?"

PARKER: The "bezzle's" a term that was coined by the American economist John Kenneth Galbraith in a book called "The Great Crash: 1929" which he wrote in the middle of the 1950s. What he recognized was that at any given time there is a certain amount of embezzlement going on in the economy. Now this falsely inflates the sense of the total wealth of the economy at that moment. Because, not only does the embezzler now have substantial resources under his control but the embezzled does not yet know that he or she has lost those resources. And so there's, in effect, a kind of double counting of wealth of both the victim and the victimizer. And the inventory of that duplicity is what Ken called the bezzle.

VIGELAND: And at another point in time, then, all of that comes to light, is discovered?

PARKER: Yeah, what happens is that the bezzle varies in size with the business cycle and with the financial cycle. And so, what we've had in the last few years, presumably, is a run-up in the bezzle in conjunction with the run-up in the value of the markets. So that more and more people were drawn into the markets. Money was being made. More and more people came in, threw more money at the market and, as long as the markets kept rising and a new round of investors kept coming in, older investors kept getting good returns on their money and spreading the news that this was a great, sound and high-returning investment.

VIGELAND: So, how does Bernie Madoff fit into the bezzle and particularly within the context of the entire financial crisis?

Gosh! Now where'd he get that idea?

March 30, 2000 we were the first to note that a chunk of the money supply that John Kenneth Galbraith referred to in his 1954 book “The Great Crash 1929” as the bezzle, derived from the word embezzlement, grows when money is free flowing during a boom and no one is motivated to ask why. The bezzle shrinks when, after a financial bust investors start counting up the money they have left only to discover that not only has Mr. Market taken away a good amount but another pile was stolen by crooks. For Bernard Madoff’s hapless investors, if allegations turn out to be true, the amount left over appears to be zero and the bezzle an astonishing $50 billion, a new record for a single incident.

To the economist, embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or even years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in -- or more precisely, not in -- the country's businesses and banks. This inventory -- it should perhaps be called the bezzle -- amounts at any moment to many millions of dollars. It also varies in size with the business cycle. In good times people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more. Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly. In depression this is all reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks. - John Kenneth Galbraith, 1954

With the collapse of Bernard Madoff’s world class self-described Ponzi scheme this week, the bezzle shrank by $50 billion. The news on the story today is that the scheme looks to be a garden variety racket that anyone could have discovered if they’d applied the simple rule that if the returns are too good to be true, then the investment is probably a scam. But human nature being what it is, too good to be true is what everyone wants, so scams go undiscovered for years. That is especially likely in the case of a scam that is big enough to pay off regulators.

Ten years after Galbraith’s 1954 book, the $50 billion just lost in a single instance of embezzlement represented the entire U.S. net capital inflow of foreign assets in the first quarter of the year 1964. In Q1 2008 that number grew 10 times larger, to $465 billion. However, in a stunning turn, in the following quarter that sum fell to $26B. But I digress.

As I pointed out back in March 2000 writing for Bankrate.com, revelations of fraud are a standard feature of all financial bubble periods. Also, financial frauds are like cockroaches, there’s never just one; you can bet millions of hedge fund investors are pouring over their investment docs this week. - Fed cuts dollar, Fire sales vs FIRE sales, Duh-flation, and Bezzle shrinks again, Dec. 16, 2008

[petertribo]

Re: Pilot wanted on financial fraud charges bails out of plane to fake death

I suspect there could be a business opportunity for the "willey cayotes" out there, "Life Reboot Inc."

Service provided:

1) We fake your death
2) Take care of all necessary "wet" and paper work necessary
3) Best plastic surgery Brazil can provide
4) Month of relaxation and "life story" training in Cayman Isls.

Only $5 million with no VAT. ;);)

The way they are dropping lately I suspect someone maybe in this business.

Exactly. Any self-respecting, sociopathic Financial Criminal surely would have an Escape Hatch. We are hearing only about the small fish, not the real minds of the FIRE Rackets. Madeoff is an exception: he confessed maybe trying to establish an Insanity Defense.

The bailouts and TARPing have surely given hardened criminals lots of time to get outa Dodge. Er, maybe the FEDs don't want to catch them?

[don]

Re: Pilot wanted on financial fraud charges bails out of plane to fake death

Unbelieveable they scrambled jets...

In decades they only failed to scramble on one important day :rolleyes:

[Quincy K]

Re: Pilot wanted on financial fraud charges bails out of plane to fake death

Yes, the ending may be not so good. But if the photo of the parachutist and his wife are any indication, the middle part wasn't too bad!


Marc Schrenker and his wife, Michelle, lived in a large Geist
Reservoir home with a boat dock and pool deck. She has filed
for divorce.

So this total fuc_ing loser jeopordizes the lives of innocent men, women and children to avoid incarceration and restitution.

The guy was probably also counting on cashing in on a million dollar+ insurance poilicy.

These kind of guys should be sentenced to Folsom. The greed never ceases to amaze me.