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With her husband in jail, Michelle Schrenker entered court to stop the state's attempt to permanently freeze her assets. Refusing to answer questions and covering her face, the wife of the Fishers investment manager who parachuted out of his plane, letting it crash in Florida, had an unlikely ally in court: her husband's self-proclaimed girlfriend, Kelly Baker.
Baker testified on Michelle Schrenker's behalf that Marcus Schrenker spent investors' money lavishly on her. But attorneys for the secretary of state's securities commission paint another picture of Michelle Schrenker - the chief financial officer of her husband's investment companies who knowingly spent tens of thousands of dollars from defrauded investors.
The 4 million dollar home, along with several Lexuses, were in Michelle Schrenker's name, though it is unclear what was purchased with investor funds. Michelle Schrenker also got a biweekly salary of $5,800 from the company, but now claims her function was in name only.
Schrenker's wife was not the only person on the receiving end of his financial gain. His girlfriend, Kelly Baker, testified on Michelle Schrenker's behalf. Baker said Schrenker bought her presents and deposited about $20,000 into her account from September to December.
Schrenker and Baker became friends in October 2007. Baker, a former employee at Indy Aero, where Schrenker kept his airplane, said the relationship turned romantic in January 2008 and continued until early last month.
While they were dating, Baker said, Schrenker gave her a 2007 Ford Edge valued at $30,000, along with two Louis Vuitton bags and a Louis Vuitton watch and coin purse. He also rented a condo in Fishers for the two to share in June 2008 -- depositing a year's lease of about $30,000-- and gave Baker $70,000 to furnish it.