(Indianapolis, IN) – Brookville-based Pickleball equipment and apparel business owner Rodney Grubbs will have to file Chapter 7 bankruptcy.
That’s the ruling from a federal judge in Indianapolis, who heard testimony this week from investors in Grubbs’ Pickleball Rocks business.
The investors met Grubbs at pickleball events, and they were eventually befriended by him and asked if they wanted to invest in his business.
They were promised a 12-percent or higher annual return on their investment.
All of them said Grubbs never paid principle or back-interest on the loans, and they lost thousands of dollars.
The bankruptcy now moves to a search and accounting of Grubbs’ assets, which will eventually be sold.
Those seized assets will create a pool of money to be divided among his creditors.
The Indiana Secretary of State’s Securities Division issued a cease-and-desist order last month, asking him to stop the scheme.
