Dinar Deception: Huebner & Emmenecker Hit with Millions in Fraud

TOLEDO, OH – A pair of Toledo-area schemers are trading their freedom for federal prison time after being convicted of perpetrating a $24 million fraud involving the sale of Iraqi dinar and phantom hedge funds. The scheme preyed on investors, leaving them with roughly $23.8 million in losses from the dinar sales and over $700,000 from bogus hedge fund “seats” and “placements.”

Bradford L. Huebner, 67, of Ottawa Hills, Ohio, received the harshest sentence: 87 months in prison. His accomplice, Charles N. Emmenecker, 67, of Sylvania, Ohio, will spend 33 months behind bars. Both were convicted of conspiracy to commit wire fraud and wire fraud following a two-week trial in U.S. District Court in Toledo. Huebner also faces the music on 40 counts of money laundering and structuring.

The operation, known as “BH Group” in Toledo and “Bayshore Capital Investments” in Jacksonville, Florida, wasn’t just about stolen money; it was built on a foundation of lies. Prosecutors revealed the men disseminated false information through weekly interstate conference calls and a dedicated website, falsely claiming involvement by the U.S. Treasury Department in the Iraqi dinar investment market. They weren’t just selling currency; they were selling a fantasy.

Adding insult to injury, the defendants falsely portrayed Rudolph M. Coenen, 47, of Jacksonville, Florida, as a decorated Marine and former JP Morgan Chase vice president. Coenen, who previously pleaded guilty and received over five years in prison, never served in the first Gulf War, was never wounded in combat, and never received a Purple Heart. He spent *one day* as an account executive/loan officer at JP Morgan Chase. The fabricated military service was a calculated attempt to build trust and lure in investors, according to court documents.

Michael L. Teadt, 68, of Maumee, Ohio, wasn’t off the hook either. He was convicted on one count of mail fraud and sentenced to two years of probation, ordered to pay $5,767 in restitution. While his role was lesser, it contributed to the overall deceit. U.S. Attorney Steven M. Dettelbach minced no words, stating the trial evidence showed the defendants “swindled many people out of their hard-earned money with grandiose fraud claims and offensive lies.”

“When you knowingly mix deceit and trickery into the financial well-being of individuals, you create a recipe for devastation that could last a lifetime,” added Kathy Enstrom, Special Agent in Charge of IRS Criminal Investigation, Cincinnati Field Office. The case was prosecuted by Assistant U.S. Attorneys Gene Crawford and Matthew W. Shepherd following an investigation by the Internal Revenue Service – Criminal Investigation. The Grimy Times will continue to follow this case as further details emerge.