"The First National Bank of You" is not a reliable source

More and more people are creating their own "bond promissory notes" or "private offset bonds" to try and pay off car loans, tax liens and other debt, even though they, um, can't, the Post-Dispatch reports. The feds say people are doing this because somebody told them it's legal and because they're badly in debt. Others are doing it as protest of the government. How's that working for them?

One fan of the promissory notes, Denny Ray Hardin, of Kansas City, wrote on a website in June that he set up the "Private Bank of Denny Ray Hardin" last year "to help (people) remove their 'fictitious obligations' ... to 'foreign agents' who control most banks, mortgage companies and lending institutions. These are operated by the 'organized crime operation' commonly referred to as 'Credit.'"

Hardin's fiancée, Melinda Harrington, said in a telephone interview that Hardin had "quite a few successes" with his bond promissory notes, and that she knows other "private bankers" who have also had successes.

Hardin is currently in prison in Missouri for violating conditions of probation imposed after he was convicted of tampering with judicial proceedings.

Hat Tip: Many thanks, Keith G in PV!

Comments

[Jellybean]

Is "I'm too stupid to know better" a valid legal defense?

[winkyb2me]

Did a little Google research to see who could possibly think this would work. OMG! There are some truly disturbed scary penple out there.

[Lemmings]

I heard it from Glen Beck!!!

[Nemesis]

Tin foil hats....tin foil hats....I'll start selling stylish tin foil hats. Then I'll start my own bank with all the dough....

[Melinda]

Half a truth is often a great lie!(Benjamin Franklin)