Two of three Toledo area businessmen charged in a scheme to defraud
investors in Iraqi currency and two nonexistent hedge funds were found
guilty by a jury in U.S. District Court today, while the third defendant
was convicted only of an unrelated mail fraud charge.
Bradford Huebner, 66, of Ottawa Hills and Charles Emmenecker, 67, of Sylvania each were convicted of conspiracy to commit wire fraud and wire fraud. Michael Teadt, 67, of Maumee was acquitted on those counts and on three counts of structuring transactions to evade reporting requirements and one count of making a false statement to an Internal Revenue Service agent.
Huebner, the founder of BH Group, which sold the currency known as dinar, also was convicted on 30 counts of structuring, nine counts of money laundering, and one count of mail fraud.
“The IRS put together a great case. They worked very hard on it,” Gene Crawford, an assistant U.S. Attorney and lead counsel on the case, said afterward. “…We’re gratified with what the jury did.”
The verdicts were read at 10 a.m. after the jury of six men and six women had deliberated for more than 17 hours over four days.
During the men’s two-week trial, federal prosecutors said the trio had collected millions of dollars from investors by feeding them lies and half-truths about the get-rich-quick scheme that never materialized. Huebner, Teadt, and Emmencker each took the witness stand, testifying that they purchased dinars and seats in the hedge funds for themselves with the full belief that one day the Iraqi government would revalue its currency, making them quite wealthy.
Huebner argued that he was engaged in a legal business, while Emmenecker and Teadt claimed they had no direct connection to the BH Group and never profited from the sale of dinar or the hedge fund placements.
Sentencing is expected to be held in the fall.
Read more at http://www.toledoblade.com/Courts/2014/05/22/Two-convicted-in-Iraqi-currency-scam-third-acquitted.html#5xIhf2HK13KDrxWH.99
Bradford Huebner, 66, of Ottawa Hills and Charles Emmenecker, 67, of Sylvania each were convicted of conspiracy to commit wire fraud and wire fraud. Michael Teadt, 67, of Maumee was acquitted on those counts and on three counts of structuring transactions to evade reporting requirements and one count of making a false statement to an Internal Revenue Service agent.
Huebner, the founder of BH Group, which sold the currency known as dinar, also was convicted on 30 counts of structuring, nine counts of money laundering, and one count of mail fraud.
“The IRS put together a great case. They worked very hard on it,” Gene Crawford, an assistant U.S. Attorney and lead counsel on the case, said afterward. “…We’re gratified with what the jury did.”
The verdicts were read at 10 a.m. after the jury of six men and six women had deliberated for more than 17 hours over four days.
During the men’s two-week trial, federal prosecutors said the trio had collected millions of dollars from investors by feeding them lies and half-truths about the get-rich-quick scheme that never materialized. Huebner, Teadt, and Emmencker each took the witness stand, testifying that they purchased dinars and seats in the hedge funds for themselves with the full belief that one day the Iraqi government would revalue its currency, making them quite wealthy.
Huebner argued that he was engaged in a legal business, while Emmenecker and Teadt claimed they had no direct connection to the BH Group and never profited from the sale of dinar or the hedge fund placements.
Sentencing is expected to be held in the fall.
Read more at http://www.toledoblade.com/Courts/2014/05/22/Two-convicted-in-Iraqi-currency-scam-third-acquitted.html#5xIhf2HK13KDrxWH.99
 |
| Removing Three Zeros - Brad Huebner, Charlie Emmenecker, and Michael Teadt do the perp walk. |
 |
| Brad Huebner |
Huebner, the founder of BH Group, which sold the currency known as dinar, also was convicted on 30 counts of structuring, nine counts of money laundering, and one count of mail fraud.
 |
| Charlie Emmenecker |
“The IRS put together a great case. They worked very hard on it,” Gene Crawford, an assistant U.S. Attorney and lead counsel on the case, said afterward. “…We’re gratified with what the jury did.”
The verdicts were read at 10 a.m. after the jury of six men and six women had deliberated for more than 17 hours over four days.
 |
| Michael Teadt |
Huebner argued that he was engaged in a legal business, while Emmenecker and Teadt claimed they had no direct connection to the BH Group and never profited from the sale of dinar or the hedge fund placements.
Sentencing is expected to be held in the fall.
http://www.toledoblade.com/Courts/2014/05/22/Two-convicted-in-Iraqi-currency-scam-third-acquitted.html
If guilty (I hope!) then that would be a good start but I think we all know that there are several more out there that were/are more deserving of the consequences than even these guys! I have my fingers crossed that maybe, just maybe, the feds or even the state/local law enforcement agencies are waiting on this case as a test and possibly for it to set a precedent that would make future cases easier to prosecute. With any luck if a guilty verdict is handed down then maybe we might, to use one of their favorite phrases, "SOON" see more of these crooks rounded up and being held responsible for their actions, it's progress regardless!
ReplyDeleteOn the other hand, if these guys walk (which is entirely possible) it could embolden the other scammers. They continue to maintain that the dinar is a great opportunity. That is their defense. To be convicted of fraud or conspiracy, the prosecutor has to prove they lied to their victims and they knew they were lying to their victims. If they convince the jury that they still sincerely believe the dinar is still a great investment opportunity, they will probably not be convicted. They may be wrong. They may be naïve. But if they don't willfully mislead their victims, they didn't break the law. If they're successful, they've just laid out a path for all these scammers to avoid conviction. As long as they continue to sincerely and adamantly maintain the dinar is a great opportunity, it will be hard to convict them of fraud or conspiracy.
ReplyDeleteThat is exactly what I fear and is the reason I think this may be a test case that some agencies are watching closely, hopefully the reasoning they will have to use to support their defense will sound as absurd to the jurors as it does to us. I understand that their defense will be that no matter how absurd their reasoning is they did still honestly believe it themselves and thus were sincere and that being stupid is not a crime, the fact that thousands upon thousands of other people also believe this nonsense just might convince the jurors that it's possible that they were in fact sincere!
DeleteThe fact that they could even use such a defense seems absurd itself but that's what makes our court system the fairest in the world, far from perfect but based upon the burden of guilt being the responsibility of the accuser and that's the way it should be. Let's hope the jurors don't fall for the BS!
It's a bit more to it than that.
Delete"According to Alabama Securities Commission Director Joseph Borg, dinar dealers are often not properly registered to sell money as an investment and even if they are, it’s against the law to make any guarantees about an investment’s future performance."
“So right now,” Borg explained, “Those who are selling dinars as an investment vehicle are probably doing so illegally.”
Adam and his VIP scam should be very afraid after reading this....
ReplyDeleteGreat news!
ReplyDelete"federal prosecutors said the trio had collected millions of dollars from investors by feeding them lies and half-truths about the get-rich-quick scheme"
If the gullible don't see the obvious by now, I doubt they ever will...
That's great news! It's good to know these clowns won't be able to use naivety or consignment as a defense. Hopefully a few clown sphincter muscles just tightened up a little.
ReplyDeleteWith at least $23 Million and involving scammed "investors" from across the county why does this not make the national news services? Not a peep out of Fox or CNN, unless I missed it, but it should be news worthy I would think?
ReplyDeleteIn the US, what are the maximum and minimum sentences for the crimes committed by these convicts? Also, did the jury levy monetary damages against these scam artists?
ReplyDeleteI hope (no I don't) dinar daddy Roger Dorman has his finances in order.
ReplyDeleteRoger is the most obvious dealer and pumper in dinar land if you ask me.
Some of the other gurus are bigger douchbags, but I've never seen proof they are selling dinar.
Roger is operating right out in the open with Dinar Daddy pumping every rumor and lie in dinar land while selling dinar through Treasury Vault. I want him in jail.
I agree. Curiously, he hasn't posted any of his own commentary for a while. He did that ridiculous post titled "What I'm hearing about the dinar" over a month ago. Since, he hasn't posted anything. That was such an obvious pumping article it was painful. His "unnamed" sources. The immediacy. The "positive" feelings and excitement. It was pathetic. But, without a doubt, it helped his business. Dinar sales probably surged for several days. I certainly hope this guy is on a prosecutor's radar.
DeleteWell it looks like the sheeple have just brushed this off as a non-event and except for a comment or two dismissing it as unimportant (on a couple of the Dinar sites) not much was even said about it. I suppose until the suckers see their own favorite guru doing the perp walk they will continue to dismiss news such as this conviction, but then from what they have overlooked in the past it's to be expected I suppose. Even when these people see their own guru in cuffs most still will not admit it and claim he/she is innocent while the other gurus were the guilty ones!
ReplyDeleteHEY BUDDY SEEN THAT THEY WERE SENTENCED TODAY http://video.cnbc.com/gallery/?video=3000346909 … …
ReplyDelete