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'Private bank' owner convicted of fraud

KANSAS CITY, Mo., Sept. 16 (UPI) -- A Missouri man found to have made $100 million from selling worthless financial documents was found guilty of 21 federal fraud charges.

Prosecutors said Denny Ray Hardin, 52, used his home computer to create 2,000 "bonded promissory notes" he claimed to have backed by a U.S. Treasury Department account and sold them for a fee at the "Private Bank of Denny Ray Hardin," which he ran out of his Kansas City home, The Kansas City Star reported Thursday.

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Hardin threatened creditors who refused to accept his notes with legal action, prosecutors said.

Hardin was convicted Wednesday in U.S. District Court in Kansas City of 11 counts of creating fictitious obligations and 10 counts of mail fraud. He faces up to 30 years in prison.

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