A former Indianapolis-area money manager who tried to fake his death in a Florida plane crash was sentenced Thursday to 10 years in prison for securities fraud.Marcus Schrenker broke down in court and pleaded for leniency, but was given the maximum sentence in Hamilton Superior Court in Noblesville, 6News' Rafael Sanchez reported.
Slideshow: Michelle Schrenker Details Marriage To Marcus
Schrenker bilked friends, family members and other investors of more than $1 million. He pleaded guilty to five of 11 counts last month and was ordered to repay $633,781.Holding someone like Marcus Schrenker criminally accountable for his actions is important ... It is sometimes difficult to get substantial time like this for people who didnt necessarily take a gun or knife to anyone," Secretary of State Todd Rokita said in a statement. "These criminal actions were done with a computer, a pen and a briefcase. He is now serving substantial time."In January 2009, Schrenker was arrested at a Florida campground two days after officials say he put his plane on autopilot and bailed out over Alabama to flee personal and financial problems. The plane crashed about 200 miles away.He was sentenced last year to four years in federal prison for the plane crash. The judge on Thursday ordered his 10-year sentence be served consecutively to the federal sentence.Schrenker was allowed to speak in court for about 10 minutes without handcuffs Thursday afternoon before his sentencing."I allowed greed to take my soul," he told the judge, referring to his investment fraud.Schrenker, who called the experience "ugly and humbling," told the judge that when he's released from prison, "I will make is honestly and ethically I've learned my lesson."Earlier this month, Schrenker said he is unable to pay child support and wants to be able to visit his children from behind bars.His estranged wife, Michelle Schrenker, was in court on Thursday. She sat two rows behind Marcus Schrenker and often broke into tears.Marcus Schrenker expressed several times that he was sorry to his family and his children.He will be allowed to stay in the Hamilton County Jail until a Oct. 12 hearing on his divorce.
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