Ind. money manager in Fla. plane crash sentenced

PENSACOLA, Fla. — An Indiana money manager who pleaded guilty in June to intentionally crashing his plane to fake his death and flee financial ruin has been sentenced to four years and three months in federal prison.

Judge Roger Vinson in Pensacola, Fla., sentenced Marcus Schrenker on Wednesday. Beforehand, the amateur daredevil pilot gave a long, rambling speech in which he sobbed and asked forgiveness from his family, air traffic controllers and Florida Panhandle residents.

Schrenker’s single-engine Piper Malibu landed behind a Panhandle neighborhood Jan. 11 after he bailed out over Alabama and left the plane to drift on autopilot. He had planned for it land in the Gulf of Mexico, but it ran out of fuel. No one was hurt.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

PENSACOLA, Fla. (AP) — An Indiana money manager who pleaded guilty in June to federal charges of intentionally crashing his plane to fake his death and flee financial ruin will be sentenced Wednesday.

Marcus Schrenker’s single-engine Piper Malibu smashed into the ground behind a Florida Panhandle neighborhood after he bailed out over rural Alabama and allowed it drift on autopilot the night of Jan. 11.

In addition to Wednesday’s sentencing, Schrenker still faces millions of dollars in judgments and penalties related to his failed business dealings in Indiana. Officials in that state are waiting their turn to prosecute Schrenker.