Hearings set for indicted Ind. financial manager

Indianapolis-  Six people who claim an investment adviser bilked them out of hundreds of thousands of dollars before trying to fake his death in a Florida plane crash will make their case during a hearing before an administrative law judge.

Marcus Schrenker is accused of closing out annuities customers had bought and shifting money into new ones, leaving clients to pay high penalties and other unexpected fees.

Indiana insurance investigators will ask the judge on Thursday to permanently revoke Schrenker's state insurance license and fine him tens of thousands of dollars.

The 38-year-old Schrenker is scheduled to appear Thursday morning in federal court in Florida on charges of deliberately crashing his airplane and making a false distress call. He also faces securities charges in Indiana.

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