Three Indicted for $23m Dinar Fraud
Posted on 01 January 2014. Tags: Corruption, dinar, IQD, iraqi dinar,
re-denomination, re-valuation, Redenomination, revaluation Pages: 1 2 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.”
