Thursday, September 15, 2011

Denny Hardin found guilty in $100 million fraud case

Posted By on Thu, Sep 15, 2011 at 7:00 AM

Denny Hardins banking days are over.
  • Denny Hardin's banking days are over.
The Private Bank of Denny Ray Hardin is now bankrupt. Hardin, 52, was found guilty in federal court Wednesday in a $100 million fraud scheme.

During a bench trial, a judge found Hardin guilty of 11 counts of creating false obligations and 10 counts of mail fraud.

The feds say Hardin created and issued worthless "bonded Promissory Notes." But Hardin claimed that the notes were backed by the U.S. Department of the Treasury and could be used to pay off debts. They weren't and couldn't. And Hardin wasn't authorized to make them or issue 'em.

Hardin issued more than 2,000 of the notes between September 2008 and September 2009 that were supposedly worth $100 million. Hardin did this for himself, his girlfriend, his daughter and many more people (he'd charge them $100 and up for the notes). He claimed that he was authorized to do so because he was a private banker.

Hardin made the notes on his computer and used them to pay off student loans, to buy a car and a house, and to buy other personal items and pay off debts. He ran his private bank out of his home.

The feds say Hardin would mail the notes to creditors along with documents, such as a letter from Hardin saying the account had been paid in full by the note. When the creditors refused the notes, Hardin would threaten to sue.

Former Pitch writer Peter Rugg profiled Hardin ("Don't Tread on Him"). This all started with a 1977 Corvette that the U.S. government confiscated.

Tags: ,

Comments (2)

Showing 1-2 of 2

Add a comment

 
Subscribe to this thread:
Showing 1-2 of 2

Add a comment

Latest in The Fast Pitch

Most Popular Stories

Slideshows

All contents ©2015 Kansas City Pitch LLC
All rights reserved. No part of this service may be reproduced in any form without the express written permission of Kansas City Pitch LLC,
except that an individual may download and/or forward articles via email to a reasonable number of recipients for personal, non-commercial purposes.

All contents © 2012 SouthComm, Inc. 210 12th Ave S. Ste. 100, Nashville, TN 37203. (615) 244-7989.
All rights reserved. No part of this service may be reproduced in any form without the express written permission of SouthComm, Inc.
except that an individual may download and/or forward articles via email to a reasonable number of recipients for personal, non-commercial purposes.
Website powered by Foundation