Rodney "Rocket" Grubbs, 68, of Brookville, Indiana, was once called the sport's "ultimate ambassador."
Now he's the sport's biggest villain.
Unfortunately, his story is back in the news, this time in a piece published by The Wall Street Journal.
We've covered his story about his alleged investment fraud, however new details have come to light.
New details emerge
There were a few interesting details in the WSJ article worth sharing.
We learned that Grubbs originally began his pickleball business, Pickleball Rocks, selling merchandise and paddles out of his trunk.
Unfortunately, this soon turned into asking players to invest in his company. Authorities say he began issuing promissory notes to people around the country, claiming they were part of an exclusive group of investors at around $25,000 a pop, promising 12 percent interest over 18 months.
In court filings, Grubbs claims to owe $47.5 million, including interest.
That money has vanished.
Grubbs has a past of misguiding investors
Bob Zitnick, a 64-year-old engineer from Brookville, and his wife lent Grubbs about $300,000 for real estate deals starting in 2007 – well before Pickleball Rocks began.
Initially, they managed to recover some of their money, but payments ceased in 2018, leaving them with promissory notes worth over $3 million.
"You just never would think he would do this," Zitnick said. "And then you wonder: ‘Am I stupid?’"
Grubbs's creditors express regret over being manipulated by someone they trusted.
The scandal has ensnared the reigning senior national pickleball champion, numerous retirees, and even a priest. According to court filings, Grubbs owes money to over 500 creditors across more than 30 states and several countries for pickleball and other ventures.
Grubbs has not been charged
Apparently, none of this has led to an official charge against Grubbs.
Indiana's secretary of state’s securities division issued a cease-and-desist order to prevent him from issuing further notes, alleging he violated state securities laws.
Adam Forziati
The investigation is ongoing. Earlier this year, a group of creditors forced Grubbs into involuntary bankruptcy after a two-plus-hour hearing in federal bankruptcy court in Indianapolis. He closed his Pickleball Rocks store and stopped attending tournaments. In court filings, Grubbs claimed assets of $1.6 million.
Grubbs maintains that he never issued a loan he didn't intend to repay.
Hopefully, this story being covered in the WSJ leads to more exposure for it and the people he's allegedly scammed are able to recoup what belongs to them.
