September 20, 2012 12:57 PM EDTA Jacksonville man was among four people named Thursday in an Ohio indictment linking them in a scheme to sell Iraqi currency.
Rudolph Martin Coenen, 47, of Jacksonville was named in the 83-count indictment.
The indictment involves the operation of a $24 million fraud scheme with the sale of Iraqi dinar and two non-existent hedge funds.
Through a website and in conference calls, the men are accused of promoting the dinar and the hedge funds to investors who lost nearly $23.8 million from dinar sales and more than $700,000 from the sale of non-existent hedge funds. Each faces charges of conspiracy to commit wire fraud and wire fraud.
“These defendants made false statements time and again to convince people to part with their savings and hard-earned cash,” U.S. Attorney for the Northern District of Ohio Steven Dettelbach said in news release to the Toledo Blade. “The fact that one defendant falsely claimed he was wounded while fighting in Iraq is particularly egregious.”
In August 2010 the men began using Bayshore Capital Investments in Jacksonville and BH Group in Toledo in a conspiracy to defraud investors, according to the indictment.
Three Toledo-area men, Bradford L. Huebner, 65, Charles N. Emmenecker, 65, and Michael L. Teadt, 66, were also named. Huebner and Coenen are also charged with multiple counts of money laundering and Huebner is charged with multiple counts of structuring and willful failure to file currency and transaction reports.
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Posted: September 20, 2012 – 12:28pm BY Dana Treen