Three Indicted for $23m Dinar Fraud

A federal grand indicted three men from the Toledo area for their roles in the operation of a $23 million fraud scheme involving the sale of Iraqi dinar currency and two non-existent hedge funds, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio, and Kathy Enstrom, Special Agent in Charge, IRS-Criminal Investigation, Cincinnati field office.

Those indicted are: Bradford L. Huebner, 66, of Ottawa Hills, Ohio; Charles N. Emmenecker, 66, of Sylvania, Ohio, and Michael L. Teadt, 67, of Maumee, Ohio.

Rudolph M. Coenen, age 47, of Jacksonville, Florida, has already pleaded guilty to crimes related to his role in the conspiracy.

The men are charged with conspiracy to commit wire fraud and wire fraud. Huebner is also charged with multiple counts of money laundering, structuring and willful failure to file currency and transaction reports.

As a result of the defendants’ conduct, investors lost about $23.8 million from dinar sales and more than $700,000 from the sale of non-existent hedge fund “seats” and “placements,” according to the indictment.

“These defendants made false statements time and again to convince people to part with their savings and hard-earned cash,” Dettelbach said. “The fact that they falsely claimed one member of the conspiracy was wounded while fighting in Iraq is particularly egregious.”

“Illegal activity involving the investment industry has brought financial ruin to many Americans,” Enstrom said. “IRS Criminal Investigation is committed to unraveling complex investment schemes to ensure that the promoters of these schemes do not use the financial-services industry for personal gain.”

10 Responses to Three Indicted for $23m Dinar Fraud

  1. nemesis January 2, 2014 at 2:02 am #

    it will be a good year, a very good year, for exposing the Dinar scam!

  2. Prospernow January 3, 2014 at 1:38 am #

    This is old news! This happened at least a couple years ago!!!

  3. Barry January 3, 2014 at 9:40 am #

    Agree 100% nemesis.

  4. Editor January 3, 2014 at 11:15 am #

    @Prospernow: The notification was issued by the US Dept of Justice on December 19, 2013.

    – Editor

  5. docjohn99 January 4, 2014 at 6:47 pm #

    It has been reported in the USA that the IQD revaluation was activated in Iraq on December 1st 2013 and it was activated INTERNATIONALLY on December 31st 2013. Is there a published record of this by an Iraqi Goverment Agency? Does anybody else know of these dates being correct and accurate?

    Thanks.

  6. 2COLLECTDINAR January 5, 2014 at 8:29 pm #

    look up fruad! those guy`s defruaded the people they promised the HEDGE FUNDS by letting them buy the dinar for they`re customers who never received the ACTUAL DINAR NOTES! the people never received the DINAR!! that is fruad! not the dinar investment! if your not happy with your purchase of dinar they`re are dealers who buy it back you`ll take a hit on your return! there`s a private businessman here in st.louis who owns a currency exchange who`s offering 321.00 for 500,000 in dinar now a first glance you say see it`s worth nothing! but why is he even willing to give you that if it`s worthless? for some reason people say that MONEY your trading is a joke when that same currency is in the central banks of those countries? also basel switzerland just took more deposits from iraq in their NATIONAL CURRENCY! stop looking for a quick payoff with this and look at it in the LONG TERM and anybody with any common sense can see EVERY COUNTRY IN THE WORLD AND EVERY CORPORATION IN THE WORLD WANTS A PIECE OF IRAQ! NOW THAT IS A FACT! JMHO

  7. Barry January 5, 2014 at 11:36 pm #

    Actually 2collectdinar, if you bother to read through the previous court document available here…
    http://www.pigottlaw.com/Dinar-Lawsuit/BH%20GROUP%20-%20CLASS%20ACTION%20COMPLAINT%20filed%20Sept.%2021,%202012.pdf

    … they are up for far more than just fraud over hedge funds, etc, including the “wilful misrepresentation” of a redenomination as a 99,000% profit get-rich-quick scheme, and the endless pack of lies told by RV pumpers. Example:-

    “31. On both the website and during the weekly teleconferences, BH Group representatives, including Defendants Huebner and Coenon, falsely represented material facts related to the Iraqi currency.”, etc, etc.

    No. 32 is about “material misrepresentation” of US Treasury (who don’t hold Dinar and don’t “buy oil” either – oil is imported into the USA by private corporations, Chevron, Exxon, etc – the Treasury no more “buys oil” than it does pistachio nuts…) No. 33 is about lies told over EO13303 (which has absolutely nothing to do with the Dinar). No. 70 is about blatantly fraudulent claims over the Dinar (such as Kuwait’s imaginary non-existent “RV”). No. 75-79 reiterates that Dinar sellers are not above the law when it comes to accuracy of sales materials surrounding the sale of currency and they are expected to be treated no differently to banks, etc, selling currency or stocks in terms of accuracy of information based on facts and not juvenile made-up “secret intel rumor” scam pumping. No. 82 openly classes this as “securities fraud”. No. 85 shows they have an obligation to verify every fact they use a Dinar sales pitch. No. 129 states the only reason people were buying Dinar was on the back of the lies & fake “RV” hype. No’s. 139-142 openly class the lies and fake predictions, etc, to pump Dinar sales as “fraud” in itself – with or without hedge-funds.

    “No 168. As set forth herein Defendants willfully committed criminal acts in contravention of federal and state law, including but not limited to:
    a. The sales of unregistered securities
    b. Engaging in a pattern of corrupt activity
    c. Making false representations in the sale of securities

    “a.” may involve Hedge Funds, but “c.” is aimed squarely at the dishonest “RV” pumping and the lies “guru’s” tell about Iraq’s redenomination every day.

    So this case is not just about Hedge Funds, it’s about prosecuting them for multiple counts of fraud (hedge funds and RV pumping with lies), including the fraudulent deliberate mis-selling of Dinar on the back of twisting a genuine value neutral 3-zero redenomination into a fake get-rich-quick scam.

    The rest of your post is just the usual confused red herrings of pretending a desire for increased ordinary trade with Iraq must be “proof” that someone will laughably give you $1m for your $1k worth of bank-notes. You’re one of those special people (given past posts) who if you stared at a dog turd in the pavement long enough, you’d end up seeing “proof of the RV” in that too…

  8. Adrian January 6, 2014 at 2:04 am #

    2COLLECTDINAR, are you there????? hellooooooooooo!!!!

  9. nemesis January 6, 2014 at 3:15 pm #

    2COLLECTDINAR is pathologically incapable of accepting any facts.

  10. Stew January 6, 2014 at 3:43 pm #

    2COLLECT accepts all facts!
    All facts claimed from Kaperoni and his other favorite scammers.