Flynt, 69, took out a full-page ad in Tuesday's edition of the Washington Post as well as USA Today. The president of Larry Flynt Publications is offering the large sum of money to anyone who brings him details about Romney's "unreleased tax returns, and/or details of his offshore accounts and business partnerships," according to Adweek magazine.
The actual ad asks the American public, "what is he hiding?"
"Can you provide documented evidence of your claims? Larry Flynt and Hustler Magazine will pay you up to $1 million if we publish your verified story," the ad reads.
The controversial magazine publisher is no stranger to battles with politicians. Last year, Flynt offered $1 million to anyone who has had "a gay or straight sexual encounter with Governor Rick Perry," after the Texas Gov. jumped into the Republican primary race. The end result did not provide any legitimate information.
Flynt's tactics did prove successful back in 2007 when an investigator he hired found records of a phone call from conservative Sen. David Vitter of Louisiana to a D.C. prostitution service.
He also claims to be responsible for Rep. Bob Livingston's resignation in 1999. After pursuing former President Bill Clinton's impeachment in 1998, Livingston confessed to extramarital affairs and stepped down after Hustler threatened to publish sordid details about his own dalliances.
Aside from his passed antics, Flynt apparently has a legitimate beef with the 2012 Republican nominee for President of the United States. According to the Daily News, the Republican Party backed a crackdown on the porn industry in the platform it approved at its convention in Tampa last month.
"Current laws on all forms of pornography and obscenity need to be vigorously enforced," the language, cited by the Daily News, says.
The United States presidential election of 2012 will be held on Tuesday, Nov. 6.