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      Toledo-area men indicted in multi-million dollar fraud scheme

      (L-R) Bradford Huebner, Charles Emmenecker, and Michael Teadt.

      Three Toledo-area men have been indicted by a federal grand jury on charges that they were invovled in a multi-million dollar scheme to sell Iraqi currency.

      Bradford L. Huebner, 65, of Ottawa Hills, Charles N. Emmenecker, 65, of Sylvania, and Michael L. Teadt, 66, of Maumee, and Rudolph Coenen, 47, of Jacksonville, Fla., have each been named in an indictment issued Thursday. All three Toledo-area men were arrested by US Marshals at 7:00 a.m. Thursday and have pleaded not guilty during arraignment in federal district court.

      The 83-count indictment, states that the four men were together involved in scheming $24 million from investors. The Grand Jury states 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.

      The report states Huebner, Emmenecker, and Teadt marketed and sold the Iraqi dinar to investors through their company, The BH Group. The firm's offices are located at 17 N. St. Clair St. in downtown Toledo. The trio then alligned themselves with Coenen to market non-existent hedge funds.

      All four men face charges of conspiracy to commit wire fraud and wire fraud. Huebner and Coenen both face additional charges of money laundering. Huebner, as self-installed chairman of The BH Group, is charged with structuring and willful failure to file currency and transaction reports.

      ??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 a release.

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      We will have more on this story Thursday on WNWO News at 6pm.