The indictment charges that beginning about August 2010, Huebner, Coenen, Emmenecker and Teadt conspired to operate “BH Group” in Toledo and “Bayshore Capital Investments” in Jacksonville in order to defraud investors through investments in the Iraqi dinar currency and two non-existent hedge funds.
The conspirators promoted the dinar and non-existent hedge funds through the dissemination of a series of material falsehoods conveyed primarily through weekly interstate conference calls and through the conspirators’ web site, according to the indictment.
False claims included statements about the U.S. Treasury Department’s holdings of dinar and involvement in the Iraqi dinar investment market, according to the indictment.
Additional material false statements made by all the defendants include, but are not limited to, portrayal of Coenen as a former vice president at JP Morgan Chase and a former Marine who was awarded the Purple Heart after being wounded in Iraq during Operation Desert Storm.
Coenen worked for JP Morgan Chase for one day as an account executive/loan officer. He never served in the first Gulf War, was never wounded in combat and never received a Purple Heart, according to the indictment.
If convicted, the defendants’ sentence will be determined by the court after a review of factors unique to this case, including the defendants’ prior criminal record, if any, the defendants’ roles in the offense and the characteristics of the violation. The sentence will not exceed the statutory maximum and in most cases will be less than the maximum.
This case is being handled by Assistant United States Attorneys Gene Crawford and Matthew W. Shepherd following an investigation by the Internal Revenue Service – Criminal Investigation.
An indictment is only a charge and is not evidence of guilty. The defendants are entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.
(Source: US Department of Justice)