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.
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?