Class action lawsuit filed in Iraqi currency fraud case
Fri, 21 Sep 2012 22:25:57 GMT —
The day after three Toledo businessmen were indicted by a federal grand jury on fraud charges in a scheme involving the sale of Iraqi currency there was additonal bad news for the trio on Friday. Brad Huebner, Charles Emmenecker and Michael Teadt were named as defendants in a class action lawsuit filed in Lucas County Common Pleas Court. Toledo attorney Thomas Pigott filed the lawsuit. "We think very strongly that the sale of of Iraqi dinars is the sale of a security and to sell a security one must be licensed and in this case these individuals were not," Mr. Pigott said.
On Thursday Bradford Huebner of Ottawa Hills, Charles Emmenecker of Sylvania and Michael Teadt of Maumee were charged in connection with a scheme in which the feds allege the men were enriched to the tune of $24 million by selling Iraqi currency through their business the Bh Group. Each man pleaded not guilty. Huebner and Teadt were released on Thursday after each man posted a $250,000 bond. Huebner was released on Friday after psoting a$500,000 bond.
Pigott says the federal government has recovered about $2 million of the $24 million taken in by the BH Group. -