Kelly Schnorenberg is at it again, but this time he has been caught! Many people saw this coming from his time when he was at HGi (Hegemon International) where he was partnered with Hubert Humphrey, who also has a less than stellar past when it comes to integrity. (See other reports on Hubert Humphrey and his son Jody Humphrey) He is accused by the Colorado securities regulators of using $11 million in investments for his own personal expenses and a judge has temporarily barred him from selling securities in the state and froze his current assets and prohibits him from any destruction of records.
The hearing has been scheduled for Aug. 19 to determine if the court should enter a preliminary injunction against Schnorenberg, Kahler, and KJS Marketing from further solicitation of investor funds.
The allegations say that Schnorenberg solicited investments in amounts ranging from $10,000 to $50,000 in insurance and financial companies that suppossedly needed money to recruit and train insurance sales agents, who would then sell insurance products.
They were promised 10-12% guaranteed returns. The victims were told that these were “risk free” investments.
The division alleges that Schnorenberg is currently soliciting investor funds for WealthSmart America, LLC, and is purportedly funneling the vast majority of the funds to himself, his mother, and his long-time girlfriend. It also says that Schnorenberg sought investor funds for a series of companies: Salus Marketing Enterprises, Trinity Affiliated Group, Premier Advantage Insurance Agency, Hegemon Holdings (HGI International), and Quantum Success Strategies (QS2).
According to the complaint, most investors were told within a year that the company they invested in failed. They were encouraged to roll their assets into a new insurance sales company on the same terms. In some cases, funds were redirected to new companies without the investors’ knowledge, the complaint alleges.
WSA Founder arrested in Colorado for Securites Fraud
Kelly Schnorenberg, QS2/WSA founder, was arrested and jailed in Douglas County jail in Colorado. 37 counts of securities fraud - one count of theft exceeding $1 million!
WealthSmart America Reviews
Kelly Schnorenberg is at it again, but this time he has been caught! Many people saw this coming from his time when he was at HGi (Hegemon International) where he was partnered with Hubert Humphrey, who also has a less than stellar past when it comes to integrity. (See other reports on Hubert Humphrey and his son Jody Humphrey) He is accused by the Colorado securities regulators of using $11 million in investments for his own personal expenses and a judge has temporarily barred him from selling securities in the state and froze his current assets and prohibits him from any destruction of records.
The hearing has been scheduled for Aug. 19 to determine if the court should enter a preliminary injunction against Schnorenberg, Kahler, and KJS Marketing from further solicitation of investor funds.
The allegations say that Schnorenberg solicited investments in amounts ranging from $10,000 to $50,000 in insurance and financial companies that suppossedly needed money to recruit and train insurance sales agents, who would then sell insurance products.
They were promised 10-12% guaranteed returns. The victims were told that these were “risk free” investments.
The division alleges that Schnorenberg is currently soliciting investor funds for WealthSmart America, LLC, and is purportedly funneling the vast majority of the funds to himself, his mother, and his long-time girlfriend. It also says that Schnorenberg sought investor funds for a series of companies: Salus Marketing Enterprises, Trinity Affiliated Group, Premier Advantage Insurance Agency, Hegemon Holdings (HGI International), and Quantum Success Strategies (QS2).
According to the complaint, most investors were told within a year that the company they invested in failed. They were encouraged to roll their assets into a new insurance sales company on the same terms. In some cases, funds were redirected to new companies without the investors’ knowledge, the complaint alleges.
WSA Founder arrested in Colorado for Securites Fraud
Kelly Schnorenberg, QS2/WSA founder, was arrested and jailed in Douglas County jail in Colorado. 37 counts of securities fraud - one count of theft exceeding $1 million!
http://www.bizjournals.com/denver/blog/finance_etc/2016/03/lone-tree-man-accused-of-bilking-investors-out-of.html