Local men charged with fraud Iraqi currency scheme (BH Group)

[dbcooper]

Local men charged with fraud Iraqi currency scheme

Posted: Sep 20, 2012 7:20 AM PDT
Updated: Sep 20, 2012 11:41 AM PDT


A federal grand jury returned an 83-count indictment charging three men from the Toledo area and a Florida man for their roles in the operation of a $24 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 Darryl Williams, Special Agent in Charge, IRS-Criminal Investigation, Cincinnati field office.

Those charged are: Bradford L. Huebner, 65, of Ottawa Hills, Ohio; Rudolph M. Coenen, age 47, of Jacksonville, Florida; Charles N. Emmenecker, 65, of Sylvania, Ohio, and Michael L. Teadt, 66, of Maumee, Ohio.

The men are charged with conspiracy to commit wire fraud and wire fraud. Coenen and Huebner are also charged with multiple counts of money laundering. Additionally, Huebner is charged with multiple counts of structuring and willful failure to file currency and transaction reports.

As a result of the defendants' conduct, investors lost nearly $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 one defendant falsely claimed he was wounded while fighting in Iraq is particularly egregious."

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.

http://www.13abc.com/story/19594414/...iraqi-currency

[4aprofit]

Most of this is just like what we have seen for years, whereby people's monies were taken and no dinar was delivered, also, you cannot deal in hedge funds without the SEC/Securities and Exchange Commissions approval and licensing, (from what I understand)....also, if selling dinars, some states have laws requiring seperate filings for doing business, and/or soliciting in their states...I'm sure there are other rules, regulations and laws, but predominently...all of this is from defrauding people...and/or telling them lies to get them into something...the best motto for any speculative investment is always: "Don't buy more than you can afford to lose"..."It is a high risk investment"...."It could flop tomorrow"...as we all know that anything and everything can go up or down, and for the most part, all investments have risk...period!
P.S. I know, and have friends that know, and/or, are kin to, several federal agents, hi-ranking military personnel, politicians, and many high-up bankers...who have bought dinars at banks and from dealers, and as long as they say it's not a scam...primarily due to the banks being involved, if they're not worried...I'm not!...I would be worried if I was defrauded or had bought into something that had actually took my money on false prestenses or never produced the goods, whether it be dinars...or a pair of shoes at the shoe store on the corner that I ordered shoes from, that never arrived!...There will always be crooks in everything!...