Commentary

Paul McDougall
Editor At Large, InformationWeek  

Pilot Who Faked Crash Was Facing $1.4 Million Lawsuit

So there was this bizarre story making the rounds today about a pilot who falsely claimed his plane was in trouble, then bailed -- D.B. Cooper-style -- into a Florida swamp. Thanks to the power of the Internet, I think I've discovered a motive.

So there was this bizarre story making the rounds today about a pilot who falsely claimed his plane was in trouble, then bailed -- D.B. Cooper-style -- into a Florida swamp. Thanks to the power of the Internet, I think I've discovered a motive.This guy is facing a lawsuit that claims he owes more than $1.4 million.

In court papers filed in December in federal court in Indianapolis, collection agent Creative Marketing International claims that Marcus Schrenker, acting as an insurance broker, failed to remit commission reimbursements of $1.4 million to National Western Life.


More Insights

White Papers

More >>

Reports

More >>

Webcasts

More >>

National Western contracted to CMI to collect the money on its behalf, according to court records.

Schrenker is listed on the Spoke business directory as president and chief compliance officer of Heritage Wealth Management, though his LinkedIn profile says he's chief portfolio manager at Icon Funding Group. (He only lists one connection -- a real mover and shaker, this fellow!)

According to news reports, Schrenker bailed from his private plane Sunday after claiming the windscreen blew out over the Florida panhandle and that he was going in. He allegedly told cops who fished him from a swamp that he'd been in a canoeing accident.

Schrenker was an insurance agent for National Western from 2003 to 2006, according to court records. During that time, he collected more than $1.4 million in advance commissions on policies that ultimately went unsold or that lapsed in some way.

CMI claims Schrenker was legally obligated to repay the commissions to National Western, but never did. CMI is now suing Schrenker for breach of contract and unjust enrichment. Oh, and it wants the money back.

So, was Schrenker trying to fake his death in order to evade a seven-figure lawsuit? I'll leave that for readers to decide. What's interesting to me is how the Net makes it possible to quickly locate additional info on relative unknowns who find themselves in the news.

I'm thinking Schrenker could give Bernie Madoff a few pointers. After all, what's a better alibi than death?


Related Reading




Currently we allow the following HTML tags in comments:

Single tags

These tags can be used alone and don't need an ending tag.

<br> Defines a single line break

<hr> Defines a horizontal line

Matching tags

These require an ending tag - e.g. <i>italic text</i>

<a> Defines an anchor

<b> Defines bold text

<big> Defines big text

<blockquote> Defines a long quotation

<caption> Defines a table caption

<cite> Defines a citation

<code> Defines computer code text

<em> Defines emphasized text

<fieldset> Defines a border around elements in a form

<h1> This is heading 1

<h2> This is heading 2

<h3> This is heading 3

<h4> This is heading 4

<h5> This is heading 5

<h6> This is heading 6

<i> Defines italic text

<p> Defines a paragraph

<pre> Defines preformatted text

<q> Defines a short quotation

<samp> Defines sample computer code text

<small> Defines small text

<span> Defines a section in a document

<s> Defines strikethrough text

<strike> Defines strikethrough text

<strong> Defines strong text

<sub> Defines subscripted text

<sup> Defines superscripted text

<u> Defines underlined text

InformationWeek encourages readers to engage in spirited, healthy debate, including taking us to task. However, InformationWeek moderates all comments posted to our site, and reserves the right to modify or remove any content that it determines to be derogatory, offensive, inflammatory, vulgar, irrelevant/off-topic, racist or obvious marketing/SPAM. InformationWeek further reserves the right to disable the profile of any commenter participating in said activities.

Disqus Tips To upload an avatar photo, first complete your Disqus profile. | View the list of supported HTML tags you can use to style comments. | Please read our commenting policy.
T-Shirt Giveaway T-Shirt Giveaway: Each week we're selecting one great comment from our readers. The author of the comment will receive an InformaitonWeek Community t-shirt. So get posting!
Subscribe to RSS

Resource Links