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According to a recent article, "Indiana Money Manager Faces More Trouble at Home", Marcus Schrenker, a money manager who tried to fake his own death, used the good faith of his friends and relatives to gain about $1 million.
Affinity fraud happens when a perpetrator manipulates the good faith of their friends, relatives, and colleagues to gain trust in order to carry out their illegal scheme.
Trust this man?Marcus Schrenker, AP PhotoLinked article: Deanna Martin; Associated Press 8/23/09RELATEDDateline NBC's Inside Financial Fiasco Series BEgins on March 22; Transcript of Recent Dateline about Financier Marcus Schrenker
Did Marcus Schrenker, Financial Advisor, Fake Death? More Drama from the Financial UniverseSchrenker's Heritage Wealth Management Company's Slogan:IT'S MORE THAN MONEY, IT'S YOUR FUTURE, IT'S YOUR CHILD'S EDUCATIONGone.
I haven't been able to keep up with this topic lately!The economic ups and downs over the past months have been quite complex, with so many things going on. Teachers are being laid off, while their neighbors with "clunkers" are given vouchers for up to $4,000.00, or maybe more, to purchase a new car. Mental health funding in my state, N.C., has been slashed by 40 million, and services for the disabled will be significantly reduced. Many bank executives will receive bonuses, and others, in the case of Bank of America, hid bonuses given to executives of Merrill-Lynch, prior to the "merger/takeover". Every so often, another Ponzi scheme surfaces, and yet another round of people have lost a good chunk of savings for retirement.There is a problem with leadership, in my opinion. The stimulus money is rejected by a governor, who adheres to conservative principals in everything but his relationship with his wife, setting a confusing example for his four sons, not to mention the citizens of his state who trusted that he would be a good steward.
