Police In 3 States Searching For Financial Adviser Who Allegedly Faked Plane Crash

January 13, 2009 2:32 a.m. EST

Milton, FL (AHN) - Authorities in three states are looking for a financial adviser whose companies are being investigated for securities fraud. The man disappeared after allegedly faking an emergency and parachuting out of his private plane, which crashed in Florida on Sunday.

Marcus Schrenker, a 38-year-old who owns three Indiana companies, made a distress call to air traffic controllers while on a Piper PA-46 bound for Destin, FL.He had taken off hours earlier from Anderson, IN, had reportedly told authorities that his windshield had shattered and that he was bleeding profusely.

When police reached the crash site near Milton, FL, however no blood was found. Police believe he intentionally abandoned the plane and parachuted out while flying over Alabama.

Schrenker's three Indiana companies are currently being investigate for securities violations. A judge issued an order on Monday freezing his assets following a request from Indiana investigators. A Maryland federal court had also recently ruled against one of his companies, Heritage Wealth Management Inc., and ordered him to pay $533,000 for not returning "unearned"commissions to a life insurance company.

Schrenker's wife filed for divorce on Dec. 30.

After parachuting from his plane, Schrenker spoke to a Childersburg police officer and said he had been in a canoeing accident with friends. The officer had identified the man, who was wet from the knees down but had no injuries, as Schrenker using his driver's license. Schrenker later checked into a hotel using a fake name and then eluded authorities by disappearing into the Alabama woods wearing a black cap.

Police in Alabama, Florida and Indiana are all currently searching for Schrenker.