Thread: Bayshore Capital Investments and the BH Group

Sentences Handed Down Today

Except for Rudy.

Toledo-area men sentenced for roles in $24M Iraqi currency scheme

by Amulya Raghuveer

Posted: 2 hrs, 19 mins ago

Nearly two years after being tied to a fraudulent $24 million scheme involving the sale of Iraqi currency, Toledo-area men have been sentenced for their roles.

<Snip>

Huebner was sentenced Thursday to 87 months in prison. Emmenecker was sentenced to 33 months behind bars. Teadt was sentenced to two years of probation and ordered to pay $5,767 in restitution.



In 2012, the three men were indicted by a federal grand jury on charges that they worked together to scheme $24 million from investors. The grand jury stated that the men knowingly conspired to obtain money and property by means of materially false and fraudulent promises. The scheme involved the sale of the Iraqi dinar currency and two non-existent hedge funds.

<Snip>


"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," said IRS Criminal Investigation Special Agent Kathy Enstrom. "Today's verdict reinforces our commitment to every taxpayer that we will identify and prosecute those who promote illegal financial transactions."

I bolded that last quote for truth. The Full article is available at the NBC24 website.

87 months for Brad, better than 7 years for a 66 year old, that's harsh. And deserved. I always viewed Rudy as the bigger liar but I could never decide which of the two was the better liar. I've corresponded with Mr. Huebner a few times and he never broke character, he was always the simple and sincere sounding man you could have heard on the old BH Group calls.

But there are too many small things, issues I never commented on that didn't really fit his "I'm too honest to have done anything wrong" defense. After the IRS raid someone with the honesty and humility Brad pretended to might have found cause to question the whole "make money by selling dinar dreams and dinar" business model. But after his relationship with Rudy ended Brad was looking for guest gurus for the BH calls. After the BH Group was shut down as a Money Service Business Brad struck affiliate deals with other dinar merchants. The BH Group writ large raked in close to 24 million, got raided, shuttered and all that money impounded and when Brad found himself in that particular hole he tried to use his "I ain't doing anything wrong" shovel to try and dig himself out.

That isn't honesty, or humility. Now Brad has 7+ years to reflect on his mistakes.



And The Blade ways in:

Local men sentenced in dinar case

Iraqi currency scheme turns into lengthy prison terms

BY JENNIFER FEEHAN
BLADE STAFF WRITER


Describing him as “a scammer who got scammed himself,” a federal judge sentenced an Ottawa Hills businessman Thursday to 87 months in prison for defrauding investors who bought Iraqi currency and placements in two nonexistent hedge funds.

<Snip>

Huebner, Emmenecker, and co-defendant Rudolph Coenen, 49, of Jacksonville, also will be ordered to pay a yet-to-be-determined amount of restitution for the fraud scheme that federal prosecutors said involved some $23.8 million in sales of Iraqi dinar and $750,000 from sales of the hedge fund seats. A forfeiture of property also is to be ordered by the court.


Coenen, who pleaded guilty last year and was sentenced Sept. 24 to 63 months in prison, was painted as “the bad guy” by attorneys for Huebner and Emmenecker.

“Rudy Coenen is the guy who told the lies, and he made them up long before he ever heard of Brad Huebner,” Rick Kerger, attorney for Huebner, told the court.

<Snip>


Huebner made a lengthy statement to the court, saying he bought Coenen’s story — as many people did — hook, line, and sinker.
“I will be the first to tell you that I am guilty of trusting people too much — to a fault,” he said.


Huebner apologized to his family and those he harmed and expressed what he called “overwhelming remorse and embarrassment” for the position he was in.
He also reiterated the claims he had made to family, friends, and others who became customers of the BH Group — that one day “in the near future” the Iraqi government would revalue its currency and everyone’s investment would pay off.


Judge Zouhary said it sounded as though Huebner was still in denial.
“You indicated today that you are still excited for all the investors,” the judge said. “Don’t be excited. Be saddened.”

Full Article at the Toledo Blade website.

I hadn't heard that Rudy was sentenced and for less time than Brad got. That almost doesn't seem fair but I bet Rudy's health issues will probably mean a larger percentage of his remaining productive life will be spent behind bars than Brad will.

Originally Posted by GlimDropper

Sentences Handed Down Today

Except for Rudy.



I bolded that last quote for truth. The Full article is available at the NBC24 website.

87 months for Brad, better than 7 years for a 66 year old, that's harsh. And deserved. I always viewed Rudy as the bigger liar but I could never decide which of the two was the better liar. I've corresponded with Mr. Huebner a few times and he never broke character, he was always the simple and sincere sounding man you could have heard on the old BH Group calls.

But there are too many small things, issues I never commented on that didn't really fit his "I'm too honest to have done anything wrong" defense. After the IRS raid someone with the honesty and humility Brad pretended to might have found cause to question the whole "make money by selling dinar dreams and dinar" business model. But after his relationship with Rudy ended Brad was looking for guest gurus for the BH calls. After the BH Group was shut down as a Money Service Business Brad struck affiliate deals with other dinar merchants. The BH Group writ large raked in close to 24 million, got raided, shuttered and all that money impounded and when Brad found himself in that particular hole he tried to use his "I ain't doing anything wrong" shovel to try and dig himself out.

That isn't honesty, or humility. Now Brad has 7+ years to reflect on his mistakes.

Now what is interesting to me is that in the article I found about the Teadt sentencing it said he got 60 months and appeared via satellite from Florida where he is living. Makes me wonder if this wasn't really Coenen who got the 60 months instead of Teadt since this article said Teadt got 2 years of probation and to pay restitution of $5,767.