Marcus Schrenker, the investment adviser who has pleaded guilty to faking his death early this year, is set to be sentenced on Wednesday.

The 38-year-old fund manager was charged in January with making a false distress call and willfully wrecking his plane. He admitted guilt in June.

He faces a maximum of 20 years and a $250,000 fine for the charge of intentionally destroying his aircraft. He may get up to six years and a $250,000 fine for the second charge.

Schrenker's distress signal on Jan. 11 while on his Piper PA-46 single engine airplane bound for Destin, Florida had prompted the U.S. Coast Guard to dispatch rescue teams and military jets to be sent out.

He had taken off from Anderson, Indiana and had told to air traffic controllers that his windshield had shattered and that he was bleeding. After a massive search by authorities in three states, he was arrested two days later by U.S. Marshals officers at a campground in Quincy, near Tallahassee.

Authorities say they found no blood when they reached the crash site near Milton, Florida, and that Schrenker had intentionally put his plane on autopilot and parachuted out while flying over Alabama.

After parachuting from his plane, Schrenker spoke to a Childersburg, Alabama resident and said he had been in a canoeing accident. A Childersburg police officer, who identified him as Schrenker using his pilot's license but was unaware of the plane crash, later brought him to a motel where Schrenker checked in using a fake name.

Schrenker, whose wife filed for divorce on Dec. 30, had self-inflicted wounds on his wrist and left forearm when he was arrested. His three Indiana companies are currently being investigated for securities violations, and his assets have been frozen following a request from Indiana authorities, who have agreed to allow Schrenker face the Florida charges first.