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)