Ex-money manager to plead guilty to Indiana fraud

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A former money manager convicted of trying to fake his own death in a Florida plane crash has agreed to plead guilty to securities fraud charges in Indiana.

Marcus Schrenker could face 10 years in prison in exchange for pleading guilty to five of 11 counts under a proposed plea agreement with Hamilton County prosecutors.

He could also be required to pay more than $600,000 in restitution. Schrenker is accused of bilking friends, family members and other investors of more than $1 million.

A hearing on the deal is set for Sept. 15 in Hamilton Superior Court in the Indianapolis suburb of Noblesville. A judge still has to accept Schrenker's plea before the agreement can take effect.

The only remaining dispute is whether Schrenker should serve his Indiana sentence at the same time as a four-year federal sentence out of Florida, Jeff Wehmueller, administrative chief deputy prosecutor in Hamilton County, said Thursday.

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