Indiana money manager's wife allowed to stay in Geist home

Marcus Schrenker

Chris Proffitt/Eyewitness News

Fishers - The wife of indicted Fishers money manager Marcus Schrenker will get to stay at her Geist home with her two children, at least for now.

Michelle Schrenker had until Monday to leave, but a judge ruled that Schrenker can still live at the water-front home under one condition.

With her assets frozen by Hamilton County Circuit Judge Paul Felix, Michelle Schrenker, wife of disgraced Geist money manager Marcus Schrenker, was told she and her children must leave their sprawling waterfront home on June 6th.

"The only thing I have to say is that this is not fair. I've done nothing wrong," said Schrenker of the decision in February.

"To take things from her without proof that those things came from someone else's money is a scary, wrong thing for Indiana to do to anyone," claimed Mary Schmid, Michelle Schrenker's attorney.

The court appointed a receiver to account for the Schrenker's assets, money that Indiana's Secretary of State Todd Rokita hopes to return to defrauded investors. Now, instead of forcing Michelle Schrenker out of the house this month, the court has agreed to let her stay in the home while it's put up for sale and until it's sold.

"The receiver at this time is not going to object to her and her family continuing to live in that residence," said Jim Gavin, Indiana Secretary of State Spokesman.

The court has also given the state another 120 days to fully account for the Schrenker's property and what money there may be. A lien for $947,000 was placed against the three-story home in March. The state can also sell Marcus' stunt plane which is valued at $300,000. Michelle Schrenker told Dateline NBC in March that she's penniless and can't provide for her three children.

While Michelle Schrenker stays in her home for now, her estranged husband remains in a Florida jail awaiting trial in Pensacola next week on charges that he intentionally crashed his plane and radioed a fake distress call.

And while her husband's trial plays out in Florida, Michelle Schrenker can remain in the big Geist home that the state says belongs to defrauded investors. The 10,000-square-foot home built in 2000 is being listed for $1.5 million by the Richwine Group, an Indianapolis real estate agency.

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