“You just can’t let an unmanned aircraft just maliciously fly into a residential area without facing any consequences,” Santa Rosa County Sheriff’s Office spokesman Scott Haines said on the CBS “Early Show.”

Schrenker lived a high-flying life as an investment manager and an experienced recreational pilot with the nerves to pull off aerial stunts. In a video posted on YouTube, he is shown boldly completing a daredevil maneuver in the Bahamas, flying underneath a bridge.

He bought luxury automobiles, two airplanes and a $4 million house in an upscale neighborhood known as “Cocktail Cove,” where affluent boaters often socialize with cocktails in hand.

But Schrenker’s life appeared to be spiraling downward: He lost a half-million-dollar judgment against one of his companies, and his wife filed for divorce. Investigators probed his businesses for possible securities violations.

Authorities in Indiana have said little about the investigation into Schrenker’s businesses — Heritage Wealth Management Inc., Heritage Insurance Services Inc. and Icon Wealth Management — wealth management companies that provide financial advice.

Jim Gavin, a spokesman for Indiana’s secretary of state, said investigators are looking at possible securities violations, and officers who searched his home Dec. 31 were looking for computers, notes, photos and other documents related to those companies, he said.

On Friday, two days before the crash, a federal judge in Maryland issued a $533,500 judgment against Heritage Wealth Management Inc., and in favor of OM Financial Life Insurance Co. The OM lawsuit contended Heritage Wealth Management should return more than $230,000 in commissions because of problems with insurance or annuity plans it sold.

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Associated Press writer Melissa Nelson in Milton, Fla., contributed to this story.