Three Indicted for $23m Dinar Fraud

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)

10 Responses to Three Indicted for $23m Dinar Fraud

  1. nemesis 2nd January 2014 at 02:02 #

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

  2. Prospernow 3rd January 2014 at 01:38 #

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

  3. Barry 3rd January 2014 at 09:40 #

    Agree 100% nemesis.

  4. Editor 3rd January 2014 at 11:15 #

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

    - Editor

  5. docjohn99 4th January 2014 at 18:47 #

    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?


  6. 2COLLECTDINAR 5th January 2014 at 20:29 #

    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 5th January 2014 at 23:36 #

    Actually 2collectdinar, if you bother to read through the previous court document available here...,%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 6th January 2014 at 02:04 #

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

  9. nemesis 6th January 2014 at 15:15 #

    2COLLECTDINAR is pathologically incapable of accepting any facts.

  10. Stew 6th January 2014 at 15:43 #

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