'Suicidal' Money Manager Turned Into 'Captain C.ck-Up'
More in BUSINESS NEWS
back-up- Meet Goldman Sachs' Newest Managing Directors
- Geithner On Financial Regulatory Reform
- Free Job Postings Until 31.03.2010
- Bank Tells Staff To Knock Off Early To Make Babies
- 'Do I Seem Like A Guy Who Throws Chairs ?'
- Best Place To Work Update
- Office Humour - Warning, Some May Find This Offensive
- City Bankers Prepare For Disaster Scenario
- John Thain Defends Wall Street Bonuses
- Click Here To Register For Free News E-Mail Alerts
- Lazard Names New CEO
- Top Firm Told To Give Up Bonuses
- Government Accused Of Botching Major Bailout
- UBS Reveals Its Hand
- The Dash For Trash
- Too Big To Fail
- 'Sorry - But Christmas Is Cancelled'
- Regulator To Have Power To Tear Up Banker Pay Contracts
- IT Programmers Accused Of Being Madoff Accomplices
- Cityboy On Corporate Social Responsibility
- Top Firm To Unveil Turnaround Strategy
- The Obvious Candidate To Succeed Ken Lewis Is Ken Lewis
- Quit The UK To Avoid Higher Taxes - Poll Results
- Bankers Forced To Take Second Jobs To Make Ends Meet
- Goldman Kitten Payments Go A Stray
- More Compensation News
- Best Place To Work 2010 - Vote Now
- Banker Eye Test
- Goldman Sachs - View From The Top
- The Lloyd's Prayer
- Exec Claims Hedge Fund Boss Hired Hit Man To Kill Her
- $125m-A-Year Banker's Wife Says She Was Treated Like 'Mail-Order Bride'
- 'The Sell Out'
- 'Many Of You Have Seen Life Savings Vanish'
- Tough Times For Expenses - £5 For Lunch
- Tragic Banker Rehearsed Suicide Before Killing Himself
- Bear Stearns Fraud Case - The Verdict
- Even More Compensation News
- CEO Says That History Will Vindicate Him
- Traders Desperate To Get 'The Clap'
- Reservoir Gods
- Who Was Mr Angry During The Financial Crisis ?
- JPMorgan Chase Compensation Letter
- Regulator Warns - 'Yes, That Does Mean People Go To Jail'
- Brokers Complain Of Bailed-Out Banks Bullying Tactics
- Best Place To Work - Previous Winners
- Best Place To Work 2009 Results - The Top 100 Firms
- CEO Says He Could Top Himself & People Would Cheer
- Top Firm Hires 78-Yr-Old / Ex-Boss Says 'Sorry' For Citigroup
- Top Firm Said To Be At Loggerheads
Related Content
- Bank Accused Of Permitting 'Suicidal Conduct' (13/09/2009)
- Top Firm Accused Of Throwing Manager 'Under A Bus' (08/10/2009)
- 'Madoff With The Money' (14/09/2009)
- Lehman Brothers - What The Smart Money Says (14/09/2009)
- Pay Czar's Wall St Compensation Cuts - What The Smart Money Says (23/10/2009)
38-year-old Indiana money manager Marcus Schrenker pleaded guilty Friday to deliberately crashing his single-engine Piper Malibu plane on January 11th this year, and making a false distress call. It was all part of an elaborate plan to fake his own death in order to escape the wrath of clients, angry at losing out on annuity investments made through the money manager, and a bad marriage that looked like ending in divorce.
Schrenker radioed air-controllers that his windscreen had shattered, and that he had been badly cut by the glass. After engaging the autopilot and pointing the plane towards the Gulf of Mexico, Schrenker parachuted out to safety, and headed off to Florida on a motorcycle he had stashed away for that purpose. But two F-15 jets managed to catch up with the plane before it downed, and noticed that no-one was aboard.
In additional to facing charges related to his alleged financial shenanigans, the money manager is also staring at up to 26 years in prison and a $500,000 fine for his aeronautical exploits. He will also have to reimburse Federal authorities at least $38,000 for the cost of the fly-by farce.
Schrenker was found the next day at a Florida campsite, having left a book of campsites in the cockpit with pages detailing sites in Alabama and Florida ripped out! Captain Cock-Up or what ?
In other news, The Independent-On-Sunday reports that $60bn fraudster Bernie Madoff apparently ordered his London office to sell its $165m UK gilt portfolio just one month before he confessed to his crimes. The money was wired to Madoff's New York office and then seemingly disappeared. Strange that.
Finally, The Sunday Telegraph reports that lawyers are still looking into ways in which Royal Bank of Scotland can avoid paying former CEO Sir Fred Goodwin his $1.1m-a-year pension. One plan under consideration is said to be simply not paying it at all, and daring Goodwin to sue. Nice plan, that. And well worth the lawyer fees!
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
