4 Indicted for $23m Iraqi Dinar “Fraud”

The owner and three employees of a US business promising high returns on the Iraqi dinar have been indicted by a federal grand jury on conspiracy and wire-fraud charges for allegedly duping investors out of more than $23 million.

According to reports, Rudolph M. Coenen, 47, the owner of Bayshore Capital Investments LLC, is charged with conspiracy to commit wire fraud, wire fraud, and money laundering. Three others — Bradford L. Huebner, 65, Charles N. Emmenecker, 65, and Michael L. Teadt, 66 — were also named in the indictment.

Jacksonville.com reports that to promote the expertise, Coenen was presented as a wounded Iraqi veteran who had deep knowledge of dinar trading and was a former vice president at JP Morgan Chase. According to the indictment, Coenen never served in the first Gulf War and only worked at JP Morgan Chase for one day as a loan officer. Claims he had been awarded the Purple Heart were also false, the indictment said.

These defendants made false statements time and again to convince people to part with their savings and hard-earned cash,” U.S. Attorney Steven Dettelbach said in news release. “The fact that one defendant falsely claimed he was wounded while fighting in Iraq is particularly egregious.

The men allegedly promoted dinar sales through a website and in conference calls by saying the investments were protected by the U.S. government and had the potential to rocket in value under a revaluation of the currency.

Attorney Richard Kerger, who represents Huebner, said the charges are baseless and he didn’t believe any laws were intentionally broken.“These people are getting fair value for their money,” he said of the investors. “This is a complicated setting but there are reasonable answers.” Kerger said he was not as familiar with Coenen’s case. He said Coenen has been representing himself in court.

(Sources: Jacksonville.com, Toledo Blade)

21 Responses to 4 Indicted for $23m Iraqi Dinar “Fraud”

  1. Stew September 22, 2012 at 12:30 am #

    Why isn’t Dinar Daddy in cuffs also?
    Look at this e-mail the BH group sent out just recently.

    New Dinar Pricing from the Treasury Vault
    As of Monday, September 17th the Treasury Vault has reacted with force to competition in the Dinar Market letting competitors know they will not be undersold and once again they show their creativity with their Dinar Packages! BH Group members will still get the BEST pricing from their exclusive supplier of Dinar, the Treasury Vault, so make sure when you call your order in at xxxxxxxxxx you tell your Phone Rep you’re a BH Group member or if you purchase online at www. buydinar.com put BH Group in the Promo Box otherwise you will NOT get our special pricing!

    Here’s the new BH Group pricing for Regular and Secured Reserve Orders:

    Regular Purchase based on 1 million Dinar purchase:
    Old Price per Million Dinars: $1040 + Free 25,000 Dinar Note
    New Price per Million Dinars: $995 + Free 1,800 Lower Denom Package

    Secured Reserve Purchase based on 1 million Dinar purchase:
    BH Group members will be able to purchase at $1070 per million + Free 25,000 Note per million or pay 10% of whatever amount you want above 1 million Dinar. You’ll have a 30 day Option to purchase the remaining units at the original price plus receive a FREE 25,000 Dinar note for each million IF the RE-VALUATION occurs within the 30 day Option period. This is by far the best way to Purchase Dinar giving you an opportunity for a spectacular return if the RV would happen within your Option period.

    Example: $1070 for 1 million is a 10 million Secured Reserve
    $5350 for 5 million is a 50 million Secured Reserve
    $10,700 for 10 million is a 100 million Secured Reserve

    *All other Treasury Vault customers will pay $1090 per million and NOT receive the free 25,000 Dinar note.

    If you have any questions please feel free to give me a call at xxx-xxx-xxxx. Also any purchases over $10,000 I will help you personally place your order.

    Sincerely,
    Brad and The BH Group

    [Part of comment removed by Editor]

  2. Stew September 22, 2012 at 12:33 am #

    opps… can the editor please xxx out the phone number, and web link in my post. Sorry.

  3. Barry September 22, 2012 at 8:49 am #

    Four down. A couple of dozen more to go. 🙂

  4. Stew September 22, 2012 at 7:12 pm #

    Interesting. Normally the dinar crowd would be pouring in here to defend their boys. Seems confidence might be a little shaken with this latest development.
    That or maybe most still aren’t aware of this because the dinar sites are not allowing this to be posted.

  5. 2collectg September 23, 2012 at 1:34 am #

    even with the news that the dinar ROSE AGAINST THE DIRHAM THAT THE PEOPLE IN THE GCC BOURSE WANT MORE DINAR IN THAT REGION! YOU TWO GUY`S STILL ON HERE WISHING THAT THE DINAR FAILS! IN THE EMIRATES MARKET THE DINAR ROSE 0.26% MARKING 0.0032 AND 0.15% AGAINST THE JORDANIAN DINAR MARKING 5.1805 DIRHAMS! YOU TWO NEED A HOBBY THE DINAR IS GOING TO MAKE YOU GUY`S EAT YOUR WORDS!!! AND NOW THE DSL SECURITIES AND AXIS CAPITAL ARE GOING TO LINK IRAQ TO THE INVESTMENT WORLD YOU GUY`S READ TO MUCH GURU STUFF AND NOT FINACIAL INFORMATION THAT`S PROVEN TO BE TRUE ABOUT THE DINAR!!!

  6. 2collectg September 23, 2012 at 3:52 am #

    the catch word is FRAUD they never delievered the DINARS OR THE PROFITS from the hedge funds!!! this has nothing to do witH LEGITIMATE DINAR SALES! YOU GUY`S REMIND ME OF THE REPUBLICAN PARTY JUST WAITING IN THE SHADOWS TO JUMP ON ANY TYPE OF BAD NEWS!

  7. nemesis September 23, 2012 at 7:15 am #

    2collectg you are fanatic :o)). All IQD ops is scam!

  8. John Richardson September 23, 2012 at 12:25 pm #

    Not really 2collect. In fact a new huge Class Action Suit is in the works against Treasury Vault & Dinar Trade (click on the link in the first sentence for the court document):-
    http://www.pigottlaw.com/Iraqi-Dinar-Scam

    “70. Defendants’ marketing and solicitations contained erroneous, false and fraudulent representations and material omissions as complained of herein.”

    82. Through their acts, representations and omissions are complained of herein, Defendants engaged in securities fraud.”

    SEVENTH CAUSE OF ACTION – Fraud

    138. As stated herein, Defendants did make false and fraudulent representations of facts to the Plaintiffs and Class Members, through the marketing of their “investments”

    139. As stated herein, Defendants did fraudulently conceal and omit certain matters which should have been disclosed to the Plaintiffs and Class Members, in the marketing of their “investments”.

    140. These representations, statements, concealments and omissions were intended to deceive and defraud the Plaintiffs and Class Members, and did so.

    145. As stated herein, Defendants did knowingly and/or recklessly misrepresent material information to the Plaintiffs and Class Members regarding the “investments” sold to and purchased by them.

    164. The acts and omissions of Defendants as stated herein constitute violations of federal law, and specifically the Securities Act of 1933 and Securities Exchange Act of 1934.”

    etc. Read the actual working, and it’s not about “not delivering Dinar that was paid for”, it’s about deliberately mis-representing a redenomination as a 100,000% appreciation, without which, most wouldn’t have bought Dinar.

    As for “The Dinar rose 0.26% vs the Dirham”. Big deal. All currencies move like that every day. And the $ has risen 20% vs the GBP over the past 5 years. Only you think the entire world’s currencies are frozen immobile except for the Dinar. LOL.

  9. 2collectg September 23, 2012 at 2:31 pm #

    the only thing i find strange is you guy`s try to explain away the facts! 1 the gcc bourse wants more dinar 2 the dinar rose against some very strong curriencs in that region 3 to major investment companies are going to bring the dinar online worldwide! 4 THE BIG BOY`S IN DUBIA NO GOOD CURRENCY WHEN THEY SEE IT! 5 ALL INVESTORS WORLD WIDE ARE BUYING DINAR! NOT JUST US LITTLE PEOPLE SOME HEAVY HITTERS ARE CHASING THIS CURRENCY!! every investment has RISK`S IF YOU BOUGHT DINARS BECAUSE SOMEONE TOLD YOU YOUR GONNA BE SUPER RICH THEN I GOT A BRIDGE I WANT TO SELL YOU THAT`S LINED WITH GOLD!!!

  10. John Richardson September 23, 2012 at 3:25 pm #

    “IF YOU BOUGHT DINARS BECAUSE SOMEONE TOLD YOU YOUR GONNA BE SUPER RICH THEN I GOT A BRIDGE I WANT TO SELL YOU THAT`S LINED WITH GOLD!!!”

    So you’re disagreeing with me – by agreeing with me? Um, OK…

  11. 2collectg September 24, 2012 at 1:01 am #

    guy`s this is the point i bought this stuff for a PENNY I JUST WANT TO SELL MINE BACK FOR A DIME!! IF THE DINAR IS A SCAM WHY ARE THE BIGGEST PEOPLE IN THE WORLD INVESTING IN THE DINAR I`M HOLDING? YOU GUY`S STILL TRY AND EXPLAIN AWAY THE FACTS? THE DINAR ROSE AGAINST THE AED THE GCC BOURSE WANTS MORE DINAR IN THEY`RE BOURSE THE AXIS & DL SECURITIES INVESTMENT COMPANIES ARE BRINGING THE DINAR BACK TO THE INVESTMENT MARKET EVEN DUBIA IS IN ON THIS THING! SO YOUR TELLING ME THAT ALL THESE COMPANIES ARE IN ON THE SCAM? THAT`S A HELL OF A SCAM IF THE WHOLE WORLD IS IN ON THIS! LOL

  12. nemesis September 24, 2012 at 1:16 am #

    2collectg are you yelling on us? What do you think to prove?
    IQD is risky speculation and NO INVESTMENT! IF IQD will be accepted as investment good. So far for years are only dealers and fanatics trying to silence any word of doubt SORRY MAN YOU ARE WITHOUT ANY CREDIT!

  13. 2collectg September 24, 2012 at 2:53 pm #

    i see you guy`s pay more attention to how i type then to the information i present! while you guy`s sit on here and disrespect CURRENCY INVESTORS here`s a little bit for you NAYSAYERS TO CHOMP ON!
    http://www.thenational.ae/thenationalconversation/industry-insights/economics/investors-bet-on-risky-middle-east-and-north-africa-currencies I LOVE PROVING YOU GUY`S WRONG! i`m a currency investor not a GURU! I BOUGHT THIS STUFF FOR A PENNY I JUST WANT TOO SELL MINE BACK FOR A DIME! I`LL COLLECT MY CREDIT NOW PLEASE! LOL!

  14. 2collectg September 24, 2012 at 2:58 pm #

    i search for information on everything i do i don`t take PEOPLE OPINIONS YOU NO THE EVERYBODY`S GOT ONE OPINIONS! i just want you guy`s to stop dogging people and countries who let`s us invest in them there`s only three way`s to invest in a country 1 go there and open a

  15. 2collectg September 24, 2012 at 3:00 pm #

    business 2 get on the country`s stockmarket 3 invest in they`re currency! i choose the last two since is dangerous in some COUNTRIES! LOL!

  16. Barry September 24, 2012 at 3:39 pm #

    2collect – ROFL!!!! From your own link:-

    “This type of investment is about thinking out of the box,” says Ali Agha, the chief executive of Dinar Trade, which specialises in trading the Iraqi dinar, as well as the South Korean won, the Chinese yuan and the afghani.”

    That’s the same “Ali Agha” who lied about having a license for trading, was fined $20,000 and had DinarTrade shut down for fraud for a year, and then lied about being shut down. Here’s the court document below (Ali’s signature is at the bottom on the last page):-

    “By agreement and with the consent of the Staff and the authorized representative of Dinar Trade, it is hereby ordered that Dinar Trade shall be responsible for the payment of a civil penalty in the amount of $20,000.00 to the Arkansas Securities Department. The violations by Dinar Trade support an assessment by the Commissioner of a civil penalty against pursuant to Ark. Code Ann. 2365-805..”
    http://www.securities.arkansas.gov/!userfiles/Orders/2011/Consent%20Order%20C-11-0205-11-OR02.pdf

    [Part of comment removed by Editor]

  17. nemesis September 24, 2012 at 4:35 pm #

    2collectg you are absolutely WRONG!! Your info has not value. YEARS people like you try give impression to the public that big fortune is in IQD speculation and it will happen next week, next month etc. WHY?? Less proclamations and more seriousness PLEASE.
    Have nice day.

  18. Stew September 24, 2012 at 4:43 pm #

    Funny thing is he says he listens to all opinions, then turns around and says he wants us to shut up and stop talking about it.

  19. nemesis September 24, 2012 at 5:48 pm #

    Stew, I am just asking why this waterfall of words promoting in this time worthless currency, nothing more.Years of marketing so far non worthy product. You got IQD? Congratulation but don’t try use “used car” salesman pitch. (or religion) People are not living in lalaland. ME region is in the turmoil all tribes are on each other neck, very little civil infrastructure, etc. It will take a long time to Iraq stabilize and form some financial structure worthy to invest. Maybe next generation, if one think that way. Take it as you like 🙂

  20. 2collectg September 26, 2012 at 7:22 am #

    ONE REASON TO HOLD YOUR DINAR IF YOU HAVE ANY THE IMF THE UN THE USAID THE WORLD BANK ALL BACK IRAQ! CURRENCY IS LISTED ON TH US TREASURY THE ARAB MONETARY FUND THE GGC BOURSE WANTS MORE DINAR INSERTED IN THEIR MARKET THE DUBAI CHAMBER OF COMMERCE THE ARAB STOCK BOURSE WHICH IS THE DUBAI STOCK EXCHANGE IT`S JUST TO MANY BIG BOY`S INVOLVED WITH CURRENCY NOW FOR ME TO THINK IT`S A SCAM GREED MAKES PEOPLE DO CRAZY THINGS THOSE GUY`S WHERE WRONG TO SCAM THOSE PEOPLE BUT LIKE THE JUDGE STATED IT IS NOT ILLEGAL TO SELL DINAR YOU JUST CAN`T PROMISE PEOPLE A BIG RETURN I BOUGHT MY DINAR FROM GID.INC CLEARLY STATED THATTHEY DID NOT GIVE INVESTMENT ADVICE!I BOUGHT THIS STUFF FOR A PENNY JUST WANT TOO SELL MINE BACK FOR A DIME!

  21. Robert T. November 11, 2012 at 4:05 am #

    I just wonder when they can turn in 25,000 for 25, and nominal value against a stable currency is the same, how many will still claim a big Gain? lol