The Portises and their attorney Donald Slayton did not respond to requests for comment.
In their lawsuit, the Portises accuse Shockley of breaking loan agreements when his company became insolvent and was handed over to a receiver, of fraud by continuing to borrow money from the Portises when he "had no intention of delivering on the promises to repay" them, and abuse of "vulnerable persons" under state law because of the couple's advanced age.
Shockley "wrongfully took and appropriated money of vulnerable persons" by inducing the Portises to loan money to Property Management Concepts, and to accept payment through "new" notes, with no value, long after Shockley knew, or should have known, of Property Management Concepts' insolvency and his company's inability to ever repay the loans, the lawsuit said.
Shockley and the Portises have been "personal acquaintances" for about 20 years, through their church and through Shockley's management of the couple's rental properties, the lawsuit said.
The lawsuit described how Shockley's debt to the Portises mounted.