Feds reveal more details about Iraqi currency fraud scheme

Three Toledo area men charged in a $23 million investment scam appeared in federal court Thursday morning.

Brad Huebner of Ottawa Hills, Charles Emmenecker of Sylvania and Michael Teadt of Maumee pled not guilty to a range of federal charges. Federal prosecutors say the charges are in connection to a scheme in which investors were bilked out of more than $23 million in an enterprise involving Iraqi currency.

A fourth man, Rudolph Coenen of Jacksonville, Fla., was charged, though he did not appear in court today.

The 83 count indictment was handed down inside the federal courthouse on Spielbusch Avenue in downtown Toledo. In documents filed with the court, the US Attorney for the Northern District of Ohio states: "Bradford Huebner, Rudolph, Charles Emmenecker, and Michael Teadt often discussed during the weekly telephone conference calls with potential investors, an "Overseas Investment Protection Act" which they alleged to be administered by the United States Treasury in order to protect investors and reimburse citizens concerning investments in the Iraqi stock market and Iraqi dinar. In fact, no "Overseas Investment Protection Act" or similar Act exists."

Emmenecker and Teadt were released on $250,000 bond. A detention hearing for Huebner will be held Friday morning at 10:30 a.m.