Pickleball schemer says his debt is $47M+

INDIANAPOLIS-- Mired in insolvency procedures, Rodney Grubbs was needed to provide an accounting of all his financial obligations.

For many years, Grubbs had encouraged people around the nation to invest in his organizations. There were a couple of property ventures, but mainly Grubbs looked for financiers for Pickleball Rocks, a pickleball apparel and devices business.

Grubbs was apparently an excellent salesperson.

Pickleball trickster fooled financiers out of countless dollars

According to a document submitted by Grubbs to the federal bankruptcy court in Indianapolis, his financial obligations amount to more than $47,000,000. His assets are just except $1,600,000.

In February, Judge Robyn Moberly ordered Grubbs into Chapter 7 insolvency after he defaulted on many promissory notes.

Attorney Matthew Foster represents more than 230 individuals Grubbs owes cash, "Forcing (him) into the insolvency has caused him revealing a great deal of info and the majority of it accurate."

A BNN/CBS4 evaluation of Grubbs's submission to the bankruptcy court finds that he owes cash to individuals in 35 states in addition to investors in Canada, England and Portugal.

The single biggest concentration of financial obligation is in Indiana where the total is nearly $29,000,000. The biggest chunk of that amount comes from Grubbs's hometown of Brookville in eastern Indiana. Because village of 2,600 locals, Grubbs owes 34 individuals more than $13,000,000.

Rodney Grubbs, bottom left, of Pickleball Rocks

Pickleball swindler bought into insolvency

If there are possessions Grubbs has not determined, there is likewise an effort underway to identify. Banks have been asked to browse their records.

" I have a number of that have actually provided documents. There's 5 or 6 others that will be providing files we think that may lead us to accounts, we hope lead us to accounts or sources or places he might have put money," explains Foster.

The conclusion of the personal bankruptcy case is at least months away. When finished, non-exempt possessions are sold to form a swimming pool of cash divvied up among all lenders.

Normally, all remaining debt is released, or lawfully cleaned out.

Foster means to ask Bankruptcy Court Judge Robyn Moberly to prevent the zeroing-out of financial obligation in this case alleging Grubbs dedicated scams.

" He definitely borrowed cash needing to know that he was never ever going to pay it back," stated Foster.

Grubbs might likewise deal with criminal charges. A detective with the Indiana Secretary of State's Securities Division tells BNN/CBS4 their probe is still "active.".