Marcus Schrenker was an accomplished pilot who once flew his son and three friends down to Miami for an elaborate birthday celebration.
(ABC)But, according to the complaint, Schrenker failed to reimburse National Western for policies that had lapsed or were otherwise not enacted.
"Because CMIC [Creative Marketing] believes other similar inappropriate sales may have occurred, additional damages may have been incurred," the complaint reads.
Phone numbers for Heritage Wealth Management were disconnected and there was no listing for Schrenker's home address. Schrenker is also listed as owner of Icon Wealth Management, formed in February 2008, at the same address as Heritage. Numbers for Icon were also disconnected.
Schrenker was also ordered, by a default judgment issued Friday in Maryland's U.S. District Court, to pay Baltimore-based OM Financial Life Insurance Co. $533,564 in a breach of contract case similar to the Creative Marketing case.
OM Financial Life said that Schrenker had signed on to sell life insurance and annuity policies for the company, but failed to return more than $230,000 in commissions for policies that reportedly never materialized.
Included in the judgment against Schrenker and Heritage Wealth Management was $433,017 in damages, $66,397 in attorney's fees and more than $33,800 in interest.
And earlier this month, the Indiana Department of Insurance filed a motion to revoke the license of Schrenker and Heritage and fine them, citing a string of complaints from clients, some charging that he forged signatures and withdrew investment money causing large surrender penalties.
In one case, according to the state's complaint, Schrenker was accused of advising an 80-year-old client to purchase four deferred annuity contracts totaling more than $1 million. Schrenker then allegedly failed to fully explain the details of the contract, including surrender penalties and the fact that the client would not be provided retirement income until age 95.
The same complaint charged that Schrenker advised the 80-year-old client not to file 1099 tax forms and when $61,000 disappeared from the client's annuity funds for 19 months, Schrenker paid it back by way of cashier's check.
Joe Mazzone, a retired Delta captain from Auburn, Ala., told ABC News that he was one of Schrenker's victims, calling him "very slick, very soft-spoken, well-educated and very professional."
Mazzone said that Schrenker secretly bought 15- to 20-year annuities on his behalf, locking him into the policy. Mazzone alleged that Schrenker forged signatures and lied about not receiving commissions when he was actually taking in as much as 20 percent.
Mazzone said he and other Delta employees who took action against Schrenker were due in court in connection with the case on Jan. 22.
"All of us would like to see justice," Mazzone said. "He seemed like such a nice guy."
Schrenker is also being investigated by the FBI, though a spokesman couldn't provide any details, only saying the agency was looking into the case, according to agency spokesman Paul Daymond in Birmingham, Ala. He declined to discuss the focus of the probe.
A search of public records showed that Schrenker had filed for bankruptcy in February 2003.
Heritage's Web site describes the firm as "value hungry advisers, constantly driven to get maximum returns for the lowest amount of risk."
ABC News' Jason Ryan, Marisa Bramwell, Andrea Beaumont and Brad Martin contributed to this story.
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