Appeals Court Upholds Receiver For Schrenker Assets

Michelle Schrenker Had Challenged Need For Receiver

The Indiana Court of Appeals on Tuesday ruled to keep a receiver to oversee the assets of jailed former money manager Marcus Schrenker and his wife, although judges questioned Michelle Schrenker's involvement.

Michelle Schrenker had challenged the use of a receiver, saying that she had done nothing wrong, while her husband was already in jail, 6News' Rafael Sanchez reported.

Marcus Schrenker is accused of defrauding investors and using their money for his personal expenses.

Prosecutors argued that because Michelle Schrenker was listed as chief financial officer for Heritage Wealth Management, that gave her access to the funds in question.

But in the court's 12-page opinion, three judges said that the state mischaracterized Michelle Schrenker's involvement in her husband's business, although the court is bound to stick with the receivership because that is left to the lower court to decide.

State regulators said they view Tuesday's ruling as a win.

"We receive the news as a representation of a victory, especially for victims of Michelle and Marcus Schrenker," said Secretary of State spokesman Jim Gavin.

Wayne Davis, who has been appointed receiver for the couple's assets, told 6News that the assets are "not that extensive," and that three of the Schrenkers' vehicles have been sold.

Other cars and home furnishings are already in storage, ready for sale, he said.

Davis said he is hoping to file an update with the court by the end of the month, including the number of people who are seeking money from the Schrenkers.

A federal judge sentenced Schrenker to four years in prison on charges related to a Jan. 11 Florida plane crash in which he tried to fake his death.