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Md. Judgment Issued Against Missing Pilot, Company

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Jan 13, 2009 12:47 pm US/Eastern

Md. Judgment Issued Against Missing Pilot, Company

BALTIMORE (AP) ― A federal judge in Baltimore had issued a judgment against an investment company managed by the man authorities believe faked a distress call before parachuting out of a plane.

Baltimore-based OM Financial Life Insurance Co. sued Heritage Wealth Management Inc. and manager Marcus Schrenker, alleging Heritage failed to return commissions as agreed. Schrenker's company sold insurance products supplied by OM Financial.

The attorney representing Heritage and Schrenker withdrew in September and Schrenker didn't replace him, leading to a hearing last week at which OM Financial won a $533,500 default judgment.

In a letter to the court, OM Financial stated Schrenker told them health issues prevented him from traveling to Maryland and he no longer worked for Heritage. He claimed Heritage was now under a holding company, which was $440,000 in debt and had folded.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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