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Missing pilot's legal troubles worsen

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Marcus Schrenker
Chris Proffitt
/Eyewitness News

Hamilton County - Local businessman Marcus Schrenker now faces charges that he broke the law while investing other people's money.

While the manhunt for Fishers businessman and pilot Marcus Schrenker continued on Tuesday, Schrenker's troubles worsened. Ordered held on a $4 million cash bond, a judge issued an arrest warrant for Schrenker on charges that he continued to conduct business after the state revoked his registration as an investment advisor at the end of December.

"He is conducting business as an investment representative and not properly registered with the Secretary of State's office," said Jeff Wehmueller, Hamilton County prosecutor's office.

Charged with two felonies, the fugitive's professional and personal life was spiraling out of control before he parachuted from his airplane over Alabama on Sunday.

The 38-year-old's home and business were searched by authorities probing his financial management business, his wife filed for divorce, his stepfather died and a Maryland court entered a half-million-dollar judgment against him. Schrenker was no stranger to the legal system over the last ten years. He was either named as a plaintiff or defendant in 21 lawsuits including including filing for bankruptcy in 2003.

Former Geist neighbor Jack Stone was a one-time client of Schrenker's investment companies.

"He talked me into investing with his company and within six months, I'd lost $150,000," said Stone.

With more former clients coming forward with similar stories, the man they trusted with their financial futures tried to vanish and is clearly on the run.

Schrenker's assets are temporarily frozen and his passport was seized by investigators on December 31st which makes it difficult for him to leave the country. He could lose his securities license for life - if he's found.

Related links

Judge orders arrest of Geist pilot

Search continues for missing Geist pilot

See the charges against Schrenker