Monday, January 12, 2009

May Day, May Day

That Hoosier stockbroker who radioed a distress call Monday and then put his plane down east of Milton turns out to be another fraudulent stockbroker on the run.

Marcus Schrenker, age 38, of Indianapolis has disappeared. The head of "Heritage Wealth Management" initially was feared hurt or dead from a mechanical failure of his airplane.
According to the police in Santa Rosa County in the Florida Panhandle, where the plane went down, Mr. Schrenker turned up safely about 220 miles north of there. And there is evidence that Mr. Schrenker was an experienced pilot who might have been trying to fake his own death. His life seemed to be unraveling. Court records show that Mr. Schrenker’s wife filed for divorce on Dec. 30. A Maryland court recently issued a judgment of more than $500,000 against one of three Indiana companies registered in his name — and all three are being investigated for securities fraud by the Indiana Secretary of State’s Office, a spokesman, Jim Gavin, said.
After the police kindly gave him a lift to a motel, he disappeared "into the woods" again. He was last known to be "wet from the knees down," wearing "a black toboggan cap," and carrying "what the police described as 'goggles that looked like they were made for flying.' "

Of course, that could have changed by now. But you can recognize him, we're pretty sure, by the planeload of cash he's carrying with him.

When the history of our era is written, stock brokers deservedly will rank as low as the "mostly coarse, brutal" knights of the fourteenth century, whose "chief passion, besides warfare and excessive drinking, was the unrestricted satisfaction of their sexual desires."

Substitute "money" for "sex" and you have a perfect picture of Wall Street at the opening of the 21st century.

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