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Two Toledo-area men, Bradford L. Huebner and Charles N. Emmenecker, sentenced for operating a $24 million dinar currency fraud scheme
Bradford L. Huebner, 67, of Ottawa Hills, Ohio, and Charles N. Emmenecker, 67, of Sylvania, Ohio, were sentenced to prison for their roles in the operation of a $24 million fraud scheme involving the sale of Iraqi dinar currency and non-existent hedge funds.
The men were convicted of conspiracy to commit wire fraud and wire fraud following a two-week trial in May in U.S. District Court in Toledo. Huebner was also convicted on 40 additional counts of money laundering and structuring.
According to court documents and trial testimony, investors lost approximately $23.8 million from dinar sales and more than $700,000 from the sale of non-existent hedge fund ‘seats’ and ‘placements’ as a result of the defendants’ conduct.
U.S. Attorney Steven M. Dettelbach stated, ‘The trial evidence showed that these defendants swindled many people out of their hard-earned money with grandiose fraud claims and offensive lies.’ Special Agent in Charge Kathy Enstrom added, ‘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.’
The scheme, which began in August 2010, involved the operation of ‘BH Group’ in Toledo and ‘Bayshore Capital Investments’ in Jacksonville. The conspirators promoted the dinar and non-existent hedge funds through a series of material falsehoods conveyed primarily through weekly interstate conference calls and their website.
Rudolph M. Coenen, 47, of Jacksonville, Florida, previously pleaded guilty to crimes related to his role in the conspiracy and was sentenced to more than five years in prison. Michael L. Teadt, 68, of Maumee, Ohio, was convicted on one count of mail fraud and sentenced to two years of probation and ordered to pay $5,767 in restitution.
This case was prosecuted by Assistant U.S. Attorneys Gene Crawford and Matthew W. Shepherd following an investigation by the Internal Revenue Service – Criminal Investigation.
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Key Facts
- State: Ohio
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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