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Three Indicted for $23m Dinar Fraud

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Post by TLF on Wed Jan 01, 2014 4:08 pm

Three Indicted for $23m Dinar Fraud


Posted on 01 January 2014.

Three Indicted for $23m Dinar Fraud US-Dept-of-Justice-logo

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.
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Post by Kevind53 on Wed Jan 01, 2014 4:21 pm

Here we have an excellent example of the perils and pitfalls of trying to interpret news from the sandbox. This appears to be the DH group and if so, the article is actually a rehash of one from September 2012.
IBN wrote:4 Indicted for $23m Iraqi Dinar “Fraud”

Posted on 21 September 2012. Tags: Bayshore, IQD, iraqi dinar, re-denomination, re-valuation, Redenomination, revaluation
4 Indicted for $23m Iraqi Dinar “Fraud”

The owner and three employees of a US business promising high returns on the Iraqi dinar have been indicted by a federal grand jury on conspiracy and wire-fraud charges for allegedly duping investors out of more than $23 million.

According to reports, Rudolph M. Coenen, 47, the owner of Bayshore Capital Investments LLC, is charged with conspiracy to commit wire fraud, wire fraud, and money laundering. Three others — Bradford L. Huebner, 65, Charles N. Emmenecker, 65, and Michael L. Teadt, 66 — were also named in the indictment.

Jacksonville.com reports that to promote the expertise, Coenen was presented as a wounded Iraqi veteran who had deep knowledge of dinar trading and was a former vice president at JP Morgan Chase. According to the indictment, Coenen never served in the first Gulf War and only worked at JP Morgan Chase for one day as a loan officer. Claims he had been awarded the Purple Heart were also false, the indictment said.

“These defendants made false statements time and again to convince people to part with their savings and hard-earned cash,” U.S. Attorney Steven Dettelbach said in news release. “The fact that one defendant falsely claimed he was wounded while fighting in Iraq is particularly egregious.”

The men allegedly promoted dinar sales through a website and in conference calls by saying the investments were protected by the U.S. government and had the potential to rocket in value under a revaluation of the currency.

Attorney Richard Kerger, who represents Huebner, said the charges are baseless and he didn’t believe any laws were intentionally broken.“These people are getting fair value for their money,” he said of the investors. “This is a complicated setting but there are reasonable answers.” Kerger said he was not as familiar with Coenen’s case. He said Coenen has been representing himself in court.

(Sources: Jacksonville.com, Toledo Blade)

Note that while the articles vary slightly, the names and details are the same.
Ponee posted the original article here: https://www.dinardaily.net/t22948p30-bh-group-charged-w-fraud

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Post by Jayzze on Wed Jan 01, 2014 6:14 pm

4 plus our good friend tony and side kick makes 6 hopefully more on the way i wish them a happy new year in prison
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Post by clayf on Wed Jan 01, 2014 7:38 pm

YOUR NEXT RENFROW       Three Indicted for $23m Dinar Fraud 3508649203
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Post by Guest on Wed Jan 01, 2014 11:14 pm

23M...? how much is the commission...?

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Post by Kevind53 on Thu Jan 02, 2014 7:54 am

Nadita wrote:23M...? how much is the commission...?
If I remember right, there was also something about nonexistent hedge funds in the indictment.

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Post by aksafeone on Thu Jan 02, 2014 9:35 am

There ya go folks, justice in the making.  All it takes is a little time on the computere (the evidence is all over the sites) and a little time with the U. S. Attorney in your area.  The grand jury system is one tough cookie - and the 'roos need to participate as defendants.  Take the time to "drop the dime." 

We need to get these guys busy defending themselves and less busy lying to us.  The dinar will revalue when and if it is ready - not until.  And we all know that things take longer across the ocean - it's their way of life.  Let's get grand juries all over America busy in 2014 and shut down these clowns.

This touting deadlines, having them pass and then making lame excuses has gone on far too long.
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Post by Ssmith on Thu Jan 02, 2014 9:46 am

I believe the hedge funds were set up for folks to invest the $$$'s made off the RV.  It's been a while since I've read the indictment.  Yep, I bookmarked it.

http://ftpcontent.worldnow.com/wtvg/docs/120920_BHgroup.pdf
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Post by Kevind53 on Thu Jan 02, 2014 11:30 am

Yes, as I recall that was the biggie in the charges, especially since no one had a securities license.

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Post by aksafeone on Thu Jan 02, 2014 1:31 pm

Hmmmmmm, forgot something did they not?  Typical.  Crooks seems to forget that NOTHING is free.
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Post by livingintheloop69 on Thu Jan 02, 2014 3:30 pm

@Kevind53 wrote:Yes, as I recall that was the biggie in the charges, especially since no one had a securities license.
ive said this before but technically any dealer selling options should have a securities license and nobody seems to be going after them. with the ohio guys obviously not having a securities license is a charge but the bigger charge is that the hedge fund never existed so it was straight up fraud

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Post by Kevind53 on Thu Jan 02, 2014 4:51 pm

Options yes, but technically speaking, lay-aways are not options. To my knowledge, no dealers are selling options. Investopedia defines options as:
A financial derivative that represents a contract sold by one party (option writer) to another party (option holder). The contract offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price (the strike price) during a certain period of time or on a specific date (exercise date).

Call options give the option to buy at certain price, so the buyer would want the stock to go up.

Put options give the option to sell at a certain price, so the buyer would want the stock to go down.
Clearly that does not include any sort of buy on time arrangement.

You are right about the hedge fund being non-existent, I forgot about that part.

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Post by livingintheloop69 on Fri Jan 03, 2014 1:39 pm

@Kevind53 wrote:Options yes, but technically speaking, lay-aways are not options. To my knowledge, no dealers are selling options. Investopedia defines options as:
A financial derivative that represents a contract sold by one party (option writer) to another party (option holder). The contract offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price (the strike price) during a certain period of time or on a specific date (exercise date).

Call options give the option to buy at certain price, so the buyer would want the stock to go up.

Put options give the option to sell at a certain price, so the buyer would want the stock to go down.
Clearly that does not include any sort of buy on time arrangement.

You are right about the hedge fund being non-existent, I forgot about that part.
actually many dealers are calling them options and not layaway. also for it to be layaway the customer i believe should get a percentage of what htey put down and not walk away with nothing. some are calling them resreves as well. i could be wrong about that part but there are certainly people selling optiosn and calling them options...

Maybe a better bet than buying dinar would be reporting all these guys to the sec whistle blower program and collecting 10% rewards for all their profits lol youd be rich pretty quick

http://www.dinarliquidator.com/10-000-000-dinar-30-day-reserve/

A Dinar or Dong "Reserve or Option" is a "Layaway" contract which gives the buyer (YOU) the right, but not the obligation, to buy the amount of "Dinar or Dong" you have "Optioned, Reserved or have on LayAway" at a specified price on or before a specified date [30,45,60,90 day]. If the "Buyer" elects to "exercise" this option prior to or on the final day of the contract they pay a pre determined price (below).
Cost Per Million to "exercise" option


http://www.ebay.com/itm/30-Day-Option-RV-CERTIFICATE-for-5-000-000-IRAQI-DINAR-free-shipping-/191022398440?pt=Paper_Money&hash=item2c79d27be8


http://www.ebay.com/itm/90-Day-Iraqi-Dinar-Option-RV-Certificate-for-15-000-000-Dinar-/261366387946?pt=Paper_Money&hash=item3cdaa694ea




http://www.iraqidinaroption.com/


http://www.dinar-saver.net/options.html
urchase Option Agreements on Iraqi Dinar**PURCHASE PRICE OF OPTION WILL GO AS DOWN PAYMENT ON CURRENCY IF YOU DECIDE TO EXERCISE OPTION** 

WE OFFER OPTIONS

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Post by Kevind53 on Fri Jan 03, 2014 1:51 pm

Still, they are not options under the legal definition, and thus not subject to SEC regulation. Perhaps there might be some legal recourse if currency dealers are prohibited from using such terms. I would contact your local Banking and Insurance Commission or Atty General about that as that would more than likely a state regulatory issue not a SEC one.

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Post by livingintheloop69 on Fri Jan 03, 2014 3:23 pm

@Kevind53 wrote:Still, they are not options under the legal definition, and thus not subject to SEC regulation. Perhaps there might be some legal recourse if currency dealers are prohibited from using such terms. I would contact your local Banking and Insurance Commission or Atty General about that as that would more than likely a state regulatory issue not a SEC one.
scored):
"[a]ny stock or similar security, certificate of interest or participation in any profit sharing agreement, preorganization certificate or subscription, transferable share, voting trust certificate or certificate of deposit for an equity security, limited partnership interest, interest in a joint venture, or certificate of interest in a business trust; any security future on any such security; or any security convertible, with or without consideration into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any put, call, straddle, or other option or privilege of buying such a security from or selling such a security to another without being bound to do so."

a dinar option is basically a certificate of deposit which is a security and an option. i suppose it could be argued either way but thats how i view it

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Post by Kevind53 on Fri Jan 03, 2014 4:15 pm

A CD is not a securities instrument UNLESS it is part of or contains security based assets. Cash is not a security based asset regardless of the country of origin or purpose in purchasing it. Now, you do need to distinguish between cash and instruments such as hedge funds and futures. They most definitely ARE securities. However whether we buy outright or use some sort of layaway to purchase over time, when we buy dinar we are purchasing cash. What they might call it does not matter, we are not buying any sort of security.

I am an insurance agent. I can sell any insurance products I am licensed for, but if the origin of the funds is ANY sort of securities based product, I have to bring in a licensed financial adviser to handle the transaction. For example, if you have a CD in a bank or a credit union, I can sell you a life insurance policy or a fixed annuity funded from your CD. HOWEVER if you have a CD that is part of a brokerage account I can not touch it but would need to bring a FA in to handle the transaction.

Because the laws are so strict, this is actually an area I have a fair amount of expertise in ... if only to protect myself.

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