Man who tried to fake death pleads guilty to fraud
Headline Legal News
An Indiana money manager who once led a high-flying lifestyle pleaded guilty to five securities fraud counts on Wednesday, nearly two years after he tried to fake his death in a Florida plane crash to escape the crush of financial and personal problems.
Marcus Schrenker, 39, admitted the charges in a plea agreement under which he agreed to a 10-year prison sentence and prosecutors dropped four other charges. He also agreed to pay more than $600,000 in restitution. Prosecutors say he bilked friends, family members and other investors of more than $1 million.
He will remain in jail until his Oct. 7 sentencing, when Hamilton Superior Court Judge Steven Nation is expected to rule whether Schrenker serves the sentence at the same time as a federal sentence or afterward.
Schrenker, shackled at his wrists and ankles and wearing an orange jail T-shirt emblazoned with "Inmate 453" on its back in large black letters, told Nation he has been diagnosed with bipolar disorder and has taken medication for it since 1992.
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What Is Meant by ‘No-Fault’ Workers’ Compensation in Illinois?
If you were injured in a work-related accident and have been researching workers’ compensation, you may have seen it described as a “no-fault” system. One of the most important things to understand about the workers’ compensation system in Illinois is that it is based on a “no-fault” system. What does this mean, exactly?
Most employers in Illinois are required by law to have workers’ compensation insurance. And the workers' compensation in Illinois is a “no-fault” system, which means that any worker who has been hurt on the job is entitled to workers' compensation benefits. If you have been hurt on the job, you are entitled to workers’ compensation benefits no matter whose fault the accident was.
A no-fault insurance system, such as workers’ comp, works by paying claims regardless of who is to blame for an accident. This provides an important layer of protection for injured workers, sparing them from having to through additional litigation and the through the additional burden of proving who was at fault before receiving benefits.
In Illinois, even though you don’t have to prove that your injury was your employer’s fault, you do have to prove that your injury happened at work or as a result of work. If you would like help to file your workers' compensation claim, Krol, Bongiorno, & Given’s experienced workers' comp lawyers are here to help. With over 60 years of combined legal experience, the KBG law firm is a leader in the field of workers’ compensation law and we have earned the reputation as aggressive advocates for injured workers before the IWCC.