Arrest Warrants Issued For Missing Pilot

Two warrants have been issued within the last hour for a missing pilot, who investigators say made a phony distress call before parachuting out of his airplane.

Marcus Schrenker, 38, is wanted by the Indiana Secretary of State's office for one count of Unlawful Acts By A Compensated Adviser and one count of Unlawful Transactions By An Investment Adviser Representative.

The warrants were filed Tuesday in Hamilton County, Indiana. When Schrenker is arrested his bond will be set at $4 million on the Indiana charges, according to the US Marshals Service in Indianapolis.

Authorities believe, Schrenker, who owned an wealth management company in Indiana, was trying to avoid a fraud investigation when he took off in his private airplane from Anderson, Indiana Sunday evening. During the flight, Schrenker radioed air traffic controllers claiming his window imploded and he was covered in blood. Police believe he then put the plane in auto-pilot before parachuting out somewhere near Childersburg, Alabama. The plane later crashed in East Milton, Florida.

Schrenker is on the run. He was last seen early Monday morning near a hotel in Harpersville, Alabama. The US Marshals Service in Indiana is now involved in the search at the request of the Indiana Secretary of State's office.