Toledo-Area Men Convicted for Roles in Iraqi Dinar Currency Scheme
|May 22, 2014||Filled under Iraqi Dinar News|
Iraqi Dinar News -
Nearly two years after being tied to a fraudulent $24 million scheme involving the sale of Iraqi currency, two of three men have been convicted for their roles.
66-year-old Bradford L. Huebner, of Ottawa Hills, and 67-year-old Charles N. Emmenecker, of Sylvania, were convicted by a U.S. District Court jury on Thursday of conspiracy to commit wire fraud and wire fraud.
A third defendant, 67-year-old Michael Teadt, of Maumee, was acquitted of wire fraud charges, but was convicted on one count of mail fraud.
Huebner was also convicted on 40 additional counts of money laundering and structuring.
In 2012, the three men were indicted by a federal grand jury on charges that they worked together to scheme $24 million from investors. The grand jury stated that the men knowingly conspired to obtain money and property by means of materially false and fraudulent promises. The scheme involved the sale of the Iraqi dinar currency and two non-existent hedge funds.
The men were said to have marketed and sold the Iraqi dinar to investors through their company, the BH Group, located at 17 N. St. Clair St. in downtown Toledo.
Investors lost approximately $23.8 million from dinar sales and more than $700,000 from the sale of non-existent hedge fund “seats” and “placements” as a result of the defendants’ conduct, according to court documents and trial testimony.
“The trial evidence showed that these defendants swindled many people out of their hard-earned money with grandiose fraud claims and offensive lies,” said United States Attorney for the Northern District of Ohio Steven M. Dettelbach. “From misrepresenting U.S. and global fiscal realities to lying about a defendant’s military record, these defendants’ conduct not only broke the law, but offended basic concepts of decency.”
47-year-old Rudolph M. Coenen, of Jacksonville, Florida, previously pleaded guilty to crimes related to his role in the conspiracy.
Beginning about August 2010, Huebner, Coenen, and Emmenecker conspired to operate the BH Group and “Bayshore Capital Investments” in Jacksonville in order to defraud investors through investments in the Iraqi dinar currency and two non-existent hedge funds.
“When you knowingly mix deceit and trickery into the financial well-being of individuals, you create a recipe for devastation that could last a lifetime,” said IRS Criminal Investigation Special Agent Kathy Enstrom. “Today’s verdict reinforces our commitment to every taxpayer that we will identify and prosecute those who promote illegal financial transactions.”
Sentencing has yet to take place.
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