Hamilton County - Another former investor with Marcus Schrenker is coming forward with what's now a familiar story of lost money and broken promises and even threats of violence.
Years before investment manager Marcus Schrenker became this week's headline, angry investors accused him of stealing potentially millions in savings they entrusted to the 38-year-old. Bob Sellers and his son Kevin say they handed over a million dollars to Schrenker and his company Heritage Wealth Management.
"He told Kevin he'd take that $600,000 and within six months to a year, make it over a million dollars," said Sellers.
Kevin Sellers and Schrenker, both accomplished pilots, met and became friends. Schrenker persuaded Sellers, who recently died in a boating accident, to invest in his firm. Kevin put up $600,000 and persuaded his father to invest $425,000.
Bob Sellers says it wasn't long before he suspected something wasn't right. He and his son were losing money they'd invested with Schrenker and eventually filed suit to recoup some of their losses.
Sellers says the man known for his expensive suits and cars had a darker side when confronted.
"He came back at Kevin and said, 'You'd better drop this suit or I'm going to kill you,' and he was very serious about it," said Sellers.
The lawsuit was eventually settled with the Sellers, getting back half of what they invested with Schrenker. They are among many former clients now questioning why it took so long for authorities to investigate Schrencker's business dealings with so many complaints while Schrenker continued to manage portfolios worth millions of dollars while allegedly living a life of luxury at their expense.
As Eyewitness News reported Tuesday, Schrenker was still investing clients money even after his license was revoked by the state at the end of December. For that, he faces arrest in Hamilton County on two felony charges.
