From the Kansas City Star:
Kansas City man who marketed and sold $100 million in worthless financial documents was found guilty of multiple federal fraud charges Wednesday.
Denny Ray Hardin, 52, who ran the Private Bank of Denny Ray Hardin out of his home, was convicted of 11 counts of creating fictitious obligations and 10 counts of mail fraud. A judge found him guilty after a three-day trial in U.S. District Court in Kansas City.
According to trial testimony, Hardin used his home computer to produce more than 2,000 “bonded promissory notes,” which he claimed were backed by a U.S. Treasury Department account and could be used to pay off debts. Hardin charged a fee to purchase the notes, which he claimed he was authorized to sell because he was a private banker.
Federal prosecutors said that creditors who refused to accept Hardin’s notes were threatened with legal action.
He faces up to 30 years in federal prison. A sentencing date will be scheduled later.
So, could someone please tell me what the difference is between what this guy did and what our large, Primary Dealer (bailout recipient) banks have done and are still doing?
* CRICKETS *
Some suggested reading if you don’t quite understand what’s happening…..
h/t Gamma & BigBluffer from the Forum