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Pickleball for exercise and new friends
Pickleball is growing in popularity in central Indiana. Look and listen to people playing sports.
Kelly Wilkinson, Indianapolis Star
The Indiana Secretary of State’s Securities Division announced Friday that it has issued a cease-and-desist order to a Brookville man who owns a pickleball apparel and equipment company, ordering him to cease all activities related to an alleged fraudulent investment scheme.
Rodney U. Grubbs used his company, All About Pickleball LLC, also known as Pickleball Rocks, to solicit investments from investors in the form of high-interest promissory notes, according to a statement from the Secretary of State’s Office. He is accused of soliciting.
“Mr. Grubbs used the pickleball tournament to meet and solicit investors, telling them at the time that the investment funds would be used to grow the company by allowing him to purchase more inventory,” the statement said. .
Grubbs could not be reached for comment late Friday.
Like tennis, pickleball is one of the fastest growing sports in the United States. In this game, individuals or pairs of players hit a small plastic ball over a net with a paddle or racket. Pickleball courts and racquets are similar to tennis courts and racquets, but they are smaller than tennis courts and racquets.
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Suspected pickleball plot
The securities division alleges that Mr. Grubbs misrepresented the true size and nature of the investment opportunity presented to him and convinced multiple parties that he had one last slot available to invest $25,000 in the company.
According to the securities department, the promissory note allegedly sold by Mr. Grubbs includes a clause that pays the investor 12% interest compounded monthly and an 18% penalty to the fund provider in the event of default. It is said that
“As part of the scheme, Mr. Grubbs allegedly encouraged investors to roll over their investments into new investments, thereby avoiding default and avoiding paying profits to investors,” the agency said. did.
Many of Grubbs’ investors have not been repaid, the statement said. Indiana law also requires you to register with the state to sell your investments.
Grubbs has also faced other legal issues, including several lawsuits and social media criticism from slighted investors.
All About Pickleball LLC was incorporated as a domestic limited liability company in 2013, according to Indiana Secretary of State records. The last entity report he filed with the state was filed in May.
According to the All About Pickleball LLC website, Pickleball Rocks claims to be “the most recognized pickleball apparel brand in the world.”
“We have traveled the world playing in tournaments, vending in tournaments, hosting clinics, and preaching the gospel of pickleball. We are dedicated to helping people grow this great sport. “We have developed numerous programs over the years,” the website states.
Contact IndyStar investigative reporter Alexandria Burris at aburris@gannett.com. Follow her on X (formerly Twitter). @alyburris.
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