Investigators begin paper chase following Schrenker investments - 13 WTHR Indianapolis

Investigators begin paper chase following Schrenker investments

Updated:
Indiana Secretary of State Todd Rokita says Schrenker targeted pilots. Indiana Secretary of State Todd Rokita says Schrenker targeted pilots.
Bob Sellers says Schrenker threatened his son after he filed a lawsuit over an investment deal. Bob Sellers says Schrenker threatened his son after he filed a lawsuit over an investment deal.
Marcus Schrenker Marcus Schrenker
  • HeadlinesHeadlinesMore>>

  • Eyewitness News wins 7 AP awards

    Eyewitness News wins 7 AP awards

    Sunday, April 20 2014 9:28 AM EDT2014-04-20 13:28:45 GMT
    WTHR Channel 13 Saturday was honored with seven first place awards from the Indiana Associated Press, including Best Newscast and Best Continuing Coverage.More >>
    WTHR Channel 13 Saturday was honored with seven first place awards from the Indiana Associated Press, including Best Newscast and Best Continuing Coverage.More >>
  • 70s return, cooler mid week

    70s return, cooler mid week

    Sunday, April 20 2014 9:26 AM EDT2014-04-20 13:26:29 GMT
    A glorious Easter Sunday is in store with abundant sunshine and temperatures climbing into the mid 70s. The wind will begin to shift out of the south today, allowing temperatures to rise ten degrees above normal.More >>
    A glorious Easter Sunday is in store with abundant sunshine and temperatures climbing into the mid 70s. The wind will begin to shift out of the south today, allowing temperatures to rise ten degrees above normal.More >>
  • Eleven fight for 1:1 draw in front of sellout crowd

    Eleven fight for 1:1 draw in front of sellout crowd

    Sunday, April 20 2014 8:47 AM EDT2014-04-20 12:47:08 GMT
    It was a night of repeats for Indy Eleven as the North American Soccer League expansion side attracted its second consecutive sellout crowd at IUPUI’s Michael A. Carroll Stadium in addition to its second 1-1 draw, this time against the Tampa Bay Rowdies.More >>
    It was a night of repeats for Indy Eleven as the North American Soccer League expansion side attracted its second consecutive sellout crowd at IUPUI’s Michael A. Carroll Stadium in addition to its second 1-1 draw, this time against the Tampa Bay Rowdies.More >>
David MacAnally/Eyewitness News

Indianapolis - With the Florida chase for money manager Marcus Schrenker over, Indiana's Secretary of State continues the paper chase trying to save investors' assets. Up to $2 million could be at risk and more investors are contacting the state every day.

When he was flying high he owned homes in Florida and on Geist, Schrenker had a stunt plane and two other airplanes and contacts.

"This is a case of affinity fraud. People have been cheated by those they have come to know, love and trust," said Indiana's Secretary of State Todd Rokita. Rokita is also a licensed pilot and he says Schrenker targeted pilots.

Schrenker could not only talk flying with them. He would have known the size of their airline pensions, how much money they would have to invest and how far he could push them.

"These people would readily give over their money," Rokita said. Even on the side of his plane, Schrenker promoted flyer accounts.

Investor Robert Sellers says he ended up suing Schrenker over a soured investment deal. "He told us he would take the $600,000 and in six months to a year make it over a million dollars," Sellers said. 

Sellers' son Kevin was one of those pilot-investors. When they saw their investment crashing, they took Schrenker to court. Sellers claims Schrenker then threatened his son. "He came back at Kevin and said, 'You better drop this suit or I'm going to kill you,' and he was very serious about it."

Schrenker's wife Michelle filed for divorce December 30th. The next day state agents searched their home. Her lawyer said Wednesday, "to Michelle's dismay at the time her home was being searched Marcus was in Florida with his girlfriend." She is divorcing him for infidelity.

Michelle Schrenker is also named in court documents. One says she and her husband converted investor funds for his and her personal use. She is named as a controlling party in Schrenker's companies. Her lawyer said she is not guilty of anything.

Searching the Schrenkers' house New Year's Eve, the secretary of state seized six computers, nine tubs of files, an "ideas" book and, in a vase, $6,000 in cash. Schrenker was a careful records keeper but Rokita also says there are "glaring gaps" in the file.

Secretary Rokita added, "At some point in time there may have been a shredding party or two."

Related links

Schrenker's wife issues statement

Missing pilot arrested in Florida

Judge orders arrest of Geist pilot

Search continues for missing Geist pilot

See the Hamilton County, Indiana charges against Schrenker

Powered by WorldNow