Toledo Men Accused of $23M Dinar Fraud Scheme

Three Toledo-area residents are facing federal charges for their alleged roles in a $23 million Iraqi dinar currency fraud scheme, according to the United States Attorney’s Office for the Northern District of Ohio and IRS-Criminal Investigation.

Bradford L. Huebner, 66, Charles N. Emmenecker, 66, and Michael L. Teadt, 67, are accused of conspiracy to commit wire fraud and actual wire fraud. Huebner also faces additional charges including money laundering and structuring transactions.

The trio allegedly defrauded investors by selling them non-existent hedge fund seats and placements, as well as Iraqi dinar currency. The scheme is said to have resulted in losses totaling over $23.8 million from dinar sales alone, with an additional $700,000 lost through the sale of the fictional hedge funds.

According to Steven M. Dettelbach, United States Attorney for the Northern District of Ohio, the defendants made numerous false claims, including a fabricated story about one member of the conspiracy being injured in Iraq. ‘These defendants made false statements time and again to convince people to part with their savings,’ said Dettelbach.

Rudolph M. Coenen, 47, from Jacksonville, Florida, has already pleaded guilty to related charges. The investigation was conducted by IRS Criminal Investigation, which is committed to unraveling complex investment schemes like this one.

The case is being prosecuted by Assistant United States Attorneys Gene Crawford and Matthew W. Shepherd. An indictment is not evidence of guilt, and the defendants are entitled to a fair trial.

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