By John Lee.
Two of the three men charged in a scheme to defraud investors in Iraqi currency were found guilty by a jury in U.S. District Court last week, while the third defendant was convicted only of an unrelated mail fraud charge.
According to a report from the Toledo Blade, Bradford Huebner (66) and Charles Emmenecker (67) were convicted of conspiracy to commit wire fraud and wire fraud, while Michael Teadt (67) was acquitted on those counts and on three counts of structuring transactions to evade reporting requirements and one count of making a false statement to an Internal Revenue Service agent.
Huebner, the founder of BH Group, also was convicted on 30 counts of structuring, nine counts of money laundering, and one count of mail fraud.
Federal prosecutors said the men had collected millions of dollars from investors by feeding them lies and half-truths about the get-rich-quick scheme that never materialized. In he witness stand the three testified that they purchased dinars for themselves with the full belief that one day the Iraqi government would revalue its currency, making them quite wealthy.
Huebner argued that he was engaged in a legal business, while Emmenecker and Teadt claimed they had no direct connection to the BH Group and never profited from the sale of dinar.
Sentencing is expected in the fall.
(Source: Toledo Blade)
(Dinar image via Shutterstock)
Hopefully this will lead to more convictions.
The guy who owns Dinar Daddy website that promotes every lie about the dinar also owns (in his wife's name) a big dinar dealer business. He even has big ads for his dealer site on his pumping site. He's probably the most blatant pumper/dealer in this scam.
The pumpers will tell their sheep that this has nothing to do with the dinar and it's all about the hedge fund activity.
Yet....
"
BRADFORD HUEBNER, RUDOLPH COENEN, CHARLES EMMENECKER, and MICHAEL TEADT sold and offered to sell Iraqi currency, known as the dinar, by making material false statements and misrepresentations, including but not limited to the following:-
- false claims made regarding the U.S. Department of the Treasury’s dinar holdings
- false claims made regarding the U.S. Department of the Treasury’s involvement in the dinar and dinar exchange “revaluation”
- false claims made regarding Executive Order 13303
- false claims made regarding RUDOLPH COENEN’s military service
- false claims made regarding RUDOLPH COENEN’s background/employment
- false claims made regarding the Overseas Investment Protection Act"
I'd say every pumper in dinarland is guilty of a number of these things.
I agreed w/y Stew. All those people who claim all those lies are guilty. And dont't forget the big one, that IMF have trillion in dinar and Kuwait did the same.
Dinar is currency. As speculation it is flap! Only dummy can listen all "experts" from US deep south! Sorry hopefuls.
What happens to those guys if they do rv
If it RVs Santa Clause and the Tooth Fairy will deliver a Unicorn and a Minotaur to each of them.
Lol that was funny but serious I think the last thing you told me was flawed about there money in reserves and the money that's out in the public I think it was supply and demand gives them there rate if that is the case the US dollar has trillions in dept but they don't have reserves how dose that make there dollar a dollar I'm sorry stew this might be a dumb question but can u answer it
Stew thes guys have a drop dead date they this is going to happen by July 1 if it don't happen by them I'll start prosecuting people my self starting with millionday
Lather - "What happens to those guys if they do rv"
It won't. There is no "RV". It's a 100% fake made-up pack of lies from a few Western guru's. No-one in Iraq is or ever has talked about any "get rich quick" RV. Iraqi's inside Iraq aware of the scam are actually amazed that it's gone on so long. The most the CBI can "RV" the Dinar vs the USD in real terms is about 15% before they run out of $ to exchange the Dinar for. The largest "RV" on Earth was about 30% and that was "backed" with a $9tn economy (Iraq's is $200bn) and involved a deliberately under-pegged correction. People fantasising about 100,000%-4,000,000% profits are completely away with the fairies and know absolutely nothing about Iraq, how currencies work, how they're valued against each other or why the Dinar fell in the first place...
Lather - "the US dollar has trillions in dept but they don’t have reserves how dose that make there dollar a dollar"
1. "Debt" is not currency reserves.
2. Most US debt is internally owned, ie, owed to itself in its own issued currency which doesn't affect the value. If the USA's debt was trillions in Euro's it might fall, but it isn't. America owes dollars to itself internally. America owes no debt in Dinar externally. Greece is drowning in debt yet has the same currency value as Germany, think about why that is.
Lather - "Stew thes guys have a drop dead date they this is going to happen by July 1 if it don’t happen by them I’ll start prosecuting people my self starting with millionday"
LOL. No, what will happen when the imaginary made-up date of "July 1" comes & goes is what always happens - the same guru's who made it up will "kick the can down the road" by inventing a new date - say 15th July, 1st Sept, "end of October", etc, just like their 2,954x previous failed predictions which also required no explanation, throw out a few dumb conspiracy theory stories of how "x, y, and z are holding the process up", and their gullible sheep will happily lap it up because it promises free money for nothing and tells them solely what they want to hear... That's what keeps the absurd "RV" scam going - blind greed + ignorance + heavily censored "RV" forums run more like totalitarian religious cults than investment forums. Harsh but 100% true. 🙂
Ask yourselves one question the dinar that investors hold is the same currency that India requested in Lew of the dollar when they signed their trade agreement with iraq why would India ask for a bull$#!T currency in payment? You can buy currencies from a bank PR dealer why is the dinar the only currency folks tell you not to invest in? Stew say's he doesn't own any iqd so why does he come on here everyday and tell people not to buy it? Fact the iqd was worth 3.22 both currencies swiss and Saddam's!
2collectdinar - "Ask yourselves one question"
Your "question" like nearly everything you wail on about is one giant straw-man. India are trading with Iraq in Dinar for the same reason they trade with Russia in Rubles, with Europe in Euro's, etc, it's cheaper to exchange money once (INR IQD/EUR/RUB) than twice (INR USD IQD/EUR/RUB). Not that difficult to understand if you actually listen to what Iraq are saying in reality rather than the usual sleaze-ball "RV" pumper pack of lies of putting words into their mouth and twisting things round to mean something they don't...
2collectdinar - "Fact the iqd was worth 3.22 both currencies swiss and Saddam’s!"
Except it wasn't. That was Saddam's fake dictated peg. No-one actually traded it at that, and even if they did, its 1970's value is as totally irrelevant today as $20 gold coin prices or $50 cars in WW2. As has all been explained to you in great detail before but sadly, you seem to lack the intellectual capacity to understand almost anything on the subject or even possess a very basic grasp of what "inflation" is or why the Dinar fell in value in the first place in the 1980's long before even the FIRST gulf war...
Stunning that 2collect still can't see that the currency is legit, but that the claim it will rv 320000% is a scam.
That's been explained to him over and over yet can't grasp that simple concept that I'd think most 3rd graders could understand.
Lather... Barry did a pretty good job explaining, but I’ll add.
Iraq’s currency is valued where it is because it’s a pegged currency. Pegged currencies require large reserves to back it up. Iraq has stated that they plan to back their currency 100%. If you take their reserves and divide it by the money supply (m2) you will get a number very close to the actual exchange rate. They usually have a bit of a cushion built in. That formula has worked for about 10 years. The reserves have grown, but so has the money supply.
The difference with the USA is that it’s a floating currency. Floating currencies are valued more on supply and demand because they are openly traded on the FX market. Some gurus, because they can’t argue the point made above, are claiming Iraq will float the dinar. That’s pure BS, not going to happen. But let’s imagine just for the heck of it that Iraq was to float the dinar. So how does Iraq look when compared to the USA in the supply vs demand equation?
Supply is easy, it’s the countrys M2.
Iraq has 80 trillion dinar, or 80 billion dollars worth.
The US has about 15 trillion dollars.
Now let’s look at demand. Demand comes from economic activity conducted with that currency. Economic activity for a country is measured as GDP.
Iraq has a GDP of $200 billion a year, but 80% of that is oil sales which are done in dollars. That leaves $40 billion a year GDP that is dinar related.
The USA has a $15 trillion GDP.
So the US supply to demand ratio is 1:1 (15 trillion money supply vs $15 trillion GDP)
Iraq’s supply to demand ratio is .4:1 in the best case, using the full $200 billion GDP.
Iraq’s supply to demand ratio is 2:1 in a more appropriate comparison, using the $40 billion GDP that is dinar related.
If you looked at all the countries in the world, their money supply to GDP ratio 1:1 is average. The range seems to be from .5:1 up to 2:1
So looking at the pegged currency reserve backed formula; Iraq is valued exactly where they should be.
Plus looking at the floating currency comparison, even though they won’t float, they look like they are valued pretty much where they should be.
If Iraq were to RV to $1 per dinar, their money supply to GDP ratio would be 400:1 (total GDP) or 2000:1 (dinar related GDP, more accurate).
Does 2000:1 sound reasonable when everyone else in the world is around 1:1?
I look forward to hearing from you after July 1st.
Can you tell us which guru you follow and trust their information?
I listen to millionday she seems to have real articles with no bs everyone else just talks shit!
Lather - "I listen to millionday she seems to have real articles with no bs everyone else just talks shit!"
As does "millionday". You can listen to whatever paid shill guru you like who, it's still a scam (and they all say "everyone else's guru except mine is full of it!"). Most of "millionday’s" waffling posts are just irrelevant “distraction factoids” designed to sound authoritative to the average clueless amateur "investor" who doesn't understand how currencies work, but craves a constant stream of "good news Hopium". Eg, “Chapter 7″, “they’re introducing cash cards”, “they have political issues”, “Kuwait is happy”, “Iraq is building a new skyscraper”, “there was a business conference today”, “they’ve opened another bank branch”, “the new budget is 138tn Dinars”, “They just built a new welding workshop in Basra”, “the Egyptian prime minister, Ibrahim Mahlab, said the stock market will play a role in the financing of mega-projects such as Corridor Development Project region of the Suez Canal”, “smile – good news!”, etc, recycled year after year = an endless stream of unrelated babble about anything & everything in the Mid-East EXCEPT Iraq’s planned 3-zero redenomination or hyper-inflated money supply, or past 315% rate of inflation, etc.
PS: "Millionday" got paid to do a promotional video for a dinar dealer in 2012 in Atlanta...
Why dose the media keep puting every single bombing out to the public all it dose is promote the terrorist! Why?
You guys still didn't answer my question if you don't hold the currency why do you come on here? Why do you care so much about other people's money? Every currency in the world is for sell from KWD to vnd why do you only tell people not to by dinar why not dong or yuan?
2collectdinar - "You guys still didn’t answer my question if you don’t hold the currency why do you come on here?"
Probably because your "question" is the same petty denialist-based call for "shut up and go away" censorship as seen on many "guru"-run "RV" scam forums whose only answer to the facts is to ban people in the thousands. Sorry kid, that stuff doesn't work here as you've found out yourself in the past. You don't own this forum and no-one needs your "approval" to post the truth simply because that truth makes you feel uncomfortable / embarrassed / ashamed at getting sucked into the scam for so long.
If you want the truth though of why we post, here it is in bold : we debunk this scam because we don't like scammers - it's that shockingly simple... On many other forums, people also debunk 419 advance fee fraud (Nigerian Prince e-mails), pump & dump penny stock fraud, "boiler-room" scams, Ponzi schemes, MLM pyramid schemes, phishing, etc, all without being personally "invested" in them (ie, a scam victim like yourself).
Ordinary people don't like lying scamming conmen. The fact that "shocks" you and needs "answering in more detail" certainly explains a lot with your endless inability to tell delusional fantasy ("350,000% overnight profit when Iraq declares itself richer than 4x planet Earth's") from reality (Iraq has simply delayed a long-term planned value-neutral 3-zero redenomination no different to the 70 other countries who've gone through exactly the same thing...)
2collectdinar - "Every currency in the world is for sell from KWD to vnd why do you only tell people not to by dinar why not dong or yuan?"
No-one said anything about the Chinese Yuan. The Kuwaiti Dinar also isn't part of a scam either and never was either devalued or "RV'd". But the Dinar, Dong, etc, and a few others are involved with a mis-selling scam popularly called the "RV". In short, a group of scammers are preying on clueless & gullible economically / mathematically illiterate "investors" who don't understand a thing about how foreign currencies are valued against each other in the real world or even what simple inflation is, and are basically selling other people's hyper-inflated banknotes to you for 20% over-market-value then telling you they're "secret magic beans" and that you'll laughably be able to buy a Porsche for $43 worth of Dinar...
There is no "RV" and never had been and the Dinar & Dong are not undervalued at all - it's one giant delusion invented by Western conmen that exists only on a couple of dozen guru-run websites and "conference calls" (for which the guru's earn up to $5,000 per week pumping the scam) - as has also been repeatedly explained to you several times in the past, but you obviously lack the intellect to grasp almost anything related to it. Ironically, that's sadly what's made you the perfect "mark" for so long...
It’s funny they ask this same question over and over when they can’t dispute the facts presented.
They’re so skeptical of us, just knowing that there has to be some nefarious motivation to our speaking out.
Yet they believe and trust the claims of documented con-men who have them believing in 100,000% or more currency revaluations.
You ask them the very simple question like... can Iraq, with less than 1% of the worlds economic activity, can Iraq really have a larger money supply than the rest of the world combined?
They refuse to answer questions like that and continue to ask us why are we here.
The fact is collect. I could care less about YOUR money. You are a lost cause. I care about the people who just got involved, or are thinking about getting involved and are looking for both sides of the story. I want them to understand you and many like you are dangngerous ignorant people. As Barry said, you are a "perfect mark". Worse, you are part of the scam by posting support for it all over the internet.
Look up collect, you are posting in a thread about 2 men convicted for among other thinigs:
- false claims made regarding the U.S. Department of the Treasury’s dinar holdings
– false claims made regarding the U.S. Department of the Treasury’s involvement in the dinar and dinar exchange “revaluation”
- false claims made regarding Executive Order 13303
– false claims made regarding the Overseas Investment Protection Act”
How many people have you tried to convince to buy dinar, or hold onto their dinar, telling the same lies?
"Lather says:
May 29, 2014 at 3:56 am
Stew thes guys have a drop dead date they this is going to happen by July 1 if it don’t happen by them I’ll start prosecuting people my self starting with millionday"
Tomorrow is the big day Lather. You ready to cash in?
Lol stew you did not hear the date is no longer than July 15:)
The date is July 15
ROFL!!! I even predicted the new "date" the 'RV' scammers would choose right. Scroll up to "Barry" on "May 28th", and you'll see my reply to the "July 1st" prediction:-
Me - "No, what will happen when the imaginary made-up date of “July 1″ comes & goes is what always happens – the same guru’s who made it up will “kick the can down the road” by inventing a new date – say 15th July, 1st Sept, “end of October”, etc"
https://www.iraq-businessnews.com/2014/05/27/two-convicted-in-dinar-scheme/comment-page-1/#comment-356801
And when July 15th comes round, August 1st will suddenly be "the new date" and the previous failed predictions ignored as if they didn't exist. And when August 1st comes round, August 15th suddenly will be "the new date". "This weekend", "soon", "imminently", "I'm hearing by the end of the month", "expect a great Xmas", "We're just waiting on...", etc. Just as it has been every week for the past 11 years...
2008 = "I HAVE BEEN TOLD BY THREE ROCK SOLID RELIABLE HIGH LEVEL SOURCES THIS IS GOING DOWN THIS WEEK. EVERYTHING IS DONE"
2009 = "I heard from one contact that said a source of his told him there is a 100% chance of RV by Monday the 21st Dec 2009. The expectation was in the $2+ range."
2010 = "All major players has signed off on the re-valuation of iraq’s currency and is scheduled to be released to the citizens of Iraq by noon 4-17-2010".
2011 = "Notification went out today. The $$$$ floodgates open TOMORROW. I wish I could be clearer than that but I can’t. This is 100% REAL"
2012 - "RV has been done since last week as the gurus are SAYING... WAITING only for announcement over the next few hours."
2013 - "WE ARE EXPECTING THIS TODAY OR NO LATER THAN TOMORROW. confirmed today Canadian banks showing green on Iraq dinar at $3 rate"
2014 - "The date is Feb 4th"... "The date is Easter Monday"... "Done by May 3st", "The date is July 1"... "The date is July 15", "The date is [insert your own made-up manufactured-hysteria 'secret intel' here]
etc, etc. People can be forgiven for falling for two completely different scams, but when you get suckered in by exactly the same lies told 700x times over by exactly the same liars, year after year, then you have serious "reality discernment issues" to put it politely... 😉
Well Lather, the 1st has come and gone with no RV, just as the 15th will come and go without.
I see Millionday is spinning like a top to keep the sheep content.
This is just too funny.
Millionday: Article quote: “a member of the parliamentary Finance Committee Abdul-Hussein al-Yasiri The the main currency in the country is among the dinar offset by the U.S. dollar, which is considered the base currency in the trading process locally and globally because of its economic power on the most influential countries in the world”
Millionday:This is saying it is time to set the rates and bring the dinar out to the world by releasing the rates…this is huge, they are discussing moving forward with their currency… they do not say when as far as what I see.
Stew: Excuse me.... where in that clip does it say anything like that?
I invested 3800, I got out last week by selling it back and got 2400....never did losing 1400 feel so good.........What made me realize it was a scam is when the people involved always had an "inside " source. This "inside" source was always called upon when I wanted out and always was up on why it was going to RV next tuesday. Found out the "inside" expert was a plummer about 5 miles away. Dont plummers usually have top secret info on what goes on in Iraq???? LOL...So sad so many people have invested their entire 401k. I had the money to lose at the time but when I invested I was told it would RV before my money would arrive. That was June 16, 2008...My money came June 22..when the 100th promise of next tues is "THE DAY" came and went I cut my losses
meant to say plumber
Welcome back to reality George.
I guess Lather will be here tomorrow to tell us the new date.
July20
My friend Lather see a psychiatric help, soon.
George - "What made me realize it was a scam is when the people involved always had an “inside” source. This “inside” source was always called upon when I wanted out and always was up on why it was going to RV next tuesday. Found out the “inside” expert was a plumber about 5 miles away."
Congratulations George, you're not alone. Thousands are increasingly waking up & bailing out (see private EBay Dinar sales which have increased 10x in a year). The same posers have been pumping the same recycled cr*p since 2007 and the "secret agent" tactics used in the "RV" scam were copied from other past Internet scams like NESARA / GCR / "Omega prosperity funds", etc, (from back to the late 90's). That's the "glue" that's holds the scam together - it's aimed mostly at people who want to feel special "knowing a secret" then stringing them along with reverse ("If people say it's a scam, then it must be real!", etc) and cult psychology ("Don't listen to the facts of outsider 'naysayers' because we're all special and they aren't" etc), and completely made-up "intel", "rates & dates", etc. That's why on different "RV" forums, you see so much overlap with promoting other paranoid conspiracies.
I remember one guy who spent years pumping it under the name of "poofness". He posted every 3 days for several years waffling on about bankers, Interpol, his "secret IMF / World Bank contacts", the "arrest" of Clinton, then Bush, then Obama by "Provost Marshalls", "OMG you're gonna be a millionaire any day now", etc... And he turned out to be an ordinary truck driver named James Talbot with mental health issues who ended up being unable to tell reality vs fantasy. There are others too like Benjamin Fulford (who genuinely does have Schizophrenia) - and people cling to these nutjobs like leeches simply because they promise "free money" through a "mystical event" in one form or another.
Even the more "sane" ones who stick purely to the "Iraq RV" universally have backgrounds in other scams. "Phoenix" pumped the CMKX penny stock fraud (as did several others), "Adam Montana" (owner of Dinar Vets) real name is actually James Wolf, and his "economics degree from Harvard" has been shown to be a proven lie (as has Steve Enorrste's - a "pro Forex trader" who had to ask what a trading pip was and got all his maths wrong by 1,000x), "Tony TNT" has a long history of fraud in others scams, others have histories of MLM (pyramid scheme marketing), Regner Capener ("Eagle1") is a proven liar about his "banking credentials", Roger Dorman ("Dinar Daddy"), pumps non-working tax evasion schemes, etc. The list is endless, and it truly is amazing how many people can't see they're all blatant conmen who are almost pathologically dishonest or attack others but defend "their own" guru if that makes "theirs" more credible. LOL. Same goes for the number of people who still can't figure out why they all have a universal "This website is for entertainment purposes only" in their T&C disclaimers.
It's the claim to secrecy that holds the scam together at the scammers end and the addiction to feeling special about being "one of the chosen few" that keeps people hooked on the victim end. Once you strip away the secrecy though, the whole thing is little more than a small core of scammers who know exactly what "emotional buttons" to push (appeals to greed / fear of "missing out" / jealousy, etc) to hook people on lucrative "conference call" revenue (earning guru's up to $5,000 per week), and a larger 2nd tier of amateurish cheer-leader posers who pump it more to convince themselves than anything as well as ego-driven peer / guru approval seeking.
At the end of the day, Iraq has a money supply of 87 trillion Dinar and currency reserves of only 80-90 billion Dollars - $1 reserves available per 1000 Dinar - hence the sub 1000:1 fair-market rate vs the USD at 1164:1 and their desire to redenominate / lop to correct this. They have about 10-15% overhead in appreciating the Dinar vs the USD in real terms (RV) before they run out of Dollar's. Swivel-eyed guru's talking about deluded 300,000% real currency movements & Iraq "giving itself" 4-40x Planet Earth's Dollars worth of money are completely & totally divorced from reality on pretty much everything related to currencies. The bottom line is that simple. As it is for other 3rd world hyper-inflated currencies they're trying to sell as "magic beans" - Vietnamese Dong, Indonesian Rupiah, etc, have all sub 10000:1 values for one simple reason - they've printed literally quadrillions of units of their currency (no different to 1920's Germany or Zimbabwe). It's called "hyper-inflation". 😀
Congratulations on getting out George. The relief for many former "RV" scam-victims is overwhelming, not just the money side, but more no longer being chained to having hours per day wasted on guru's up-down-up-down "emotional roller-coaster" ride of endless rounds of fraudulent BS promises followed by excuses, recycled over & over, that have sadly resulting in relationship break-ups, lost jobs, sinking into clinical depression, and even one rumored suicide (that I know of).
Funny, you want to continue to tell everyone this is never going to happen, spend your time bring these people down. Oh, you don't have the intestinal fortitude to bring these people down. In my opinion, you're no better than the pumpers. Grow a set of balls and help society out!
Matt Smith - "Funny, you want to continue to tell everyone this is never going to happen, spend your time bring these people down"
"Bringing them down" - yes back down to reality away from "guru fairy-land". You might feel there's something "noble" about continuing to force-feed a pack of feel-good lies to keep scam victims hooked on "Hopium", but if the simple truth upsets some people, then they obviously need to seriously reassess their "investments" and the people they listen to for fabricated "secret intel"...
Barry if you don't care why do you keep responding to them? Maybe and Just maybe; you bought some Dinar and not you have lost faith after the 3rd year of hearing the same ole thing from the "GURUS" is that what it is? Did you get burned by that game or, maybe you just like screwing with these guys for no reason at all? Just let it go....lol
Re: WOW. Why do I post? The answer is simple : I don't like scammers. What a "shocker", eh? The rest of your post is the same worn-out "shut up and go away" thinly veiled call for censorship that's been churned out 1,000x before usually by frightened Dinar "investors" who spend so much time hanging round censorship heavy "RV" forums they react with 'shock' when they step outside of their "guru bubble". 😉
lol