|“Removing Three Zeros”
Brad Huebner, Charlie Emmenecker, and
Michael Teadt doing the perp walk
Kudos to MrIQD for staying on top of this story for four months now. Seems that three of the guys featured on my blog’s banner have new photos on the internet, courtesy of law enforcement. Brad Huebner, Charlie Emmenecker, and Rudolph Coenen have all been indicted on dinar-related charges. Hopefully there are more indictments to come. Today BGG dismissed this as “no big deal”, “a little trouble”, “a goofy article”, and “tax trouble”. Folks these guys were charged with defrauding investors out of $23.8 million dollars in dinar sales and $700,000 from non-existent hedge fund seats. I’d say that qualifies as a big deal. Breitling said that it was about structuring, but there’s a little more to it than that. The article says they repeatedly made false statements to sell dinar. If making false statements to sell dinar is a federal offense I have to assume there are more arrests coming. And what Breitling failed to mention is that according to Brad Huebner, Breitling was part of their marketing team for LDHL (24 minutes in).
I’ve been telling you for a year now that the dinar world is full of crooks. This is just the latest example. Of course they’re all presumed innocent until proven guilty in a court of law by a jury of their peers. Nobody wants to deny them their rights. But this is the biggest development in the history of this blog, and will no doubt send reverberations throughout the dinar world. Read the indictment in the pdf file below to see how a federal document completely debunks what gurus are saying about the dinar.
|Rudy Coenen mug shot|
http://www.realscam.com/attachments/f12/1576d1348185792-bayshore-capital-investments-bh-group-bhgroup_indictment.pdf (Thanks to Real Scam for providing this. I addressed some of the lies listed in the indictment in my post “Dinar 101 – From the BH Group“)
9/21/12 UPDATE!!! I’ve read through the indictment now and have had a day or so to reflect on this story. Here are my observations.
- The indictment states that the CBI has expressed their intent to redenominate, not revalue. Printing new currency and removing three zeros will be done for the sake of convenience, and won’t change the value of the dinar. (Just like we’ve been saying.) Therefore promoting the dinar investment based on the presumed upcoming revaluation (#8) is fraudulent.
- The indictment addresses the non-existent hedge funds. This raises questions regarding other dinar gurus and dealers. Does the post-RV product that they offer exist? Is the post-RV service that they offer legit? If the RV itself isn’t legit as stated in the indictment it would be hard to imagine a post-RV product or service being legit. So anybody using a special cash-in deal as incentive to buy into anything has to be rethinking that idea right about now. Or any tax avoidance plan or any scheme to move revalued IQD out of the country to avoid taxes. It will be interesting to see these guys revamp their dog and pony shows now.
- The indictment states that EO13303 says nothing about the right to invest in the dinar, but refers to protection of the DFI. This is also a point that many of us have been making for some time, and we now have official confirmation.
- The indictment states that the US Treasury only holds a nominal amount of IQD for daily transactions. Now we have evidence that they hold no IQD for investment purposes. We’ve been saying all along that there is no evidence that the UST holds any dinar for any upcoming RV, but for some reason we were never quoted on Dinar Recaps, Dinar Guru, or Dinar Daddy. Wonder why?
- The indictment addresses Rudy’s false claims about his background. This raises the issue of gurus/dealers lying about their backgrounds in order to sell dinar, dinar services, dinar related products, or any other investment related product.
- The indictment mentions repeated lies told by the accused to sell dinar. Anybody selling or pumping dinar for a dealer has to now realize that they could be the next ones doing the perp walk. Review the page “Forum Facts” to see what lies they’ve been telling.
- The indictment reveals that an undercover agent bought dinar from Michael Teadt in May of 2011, so we know that the feds have been working undercover on the dinar case for over 16 months now.
This is a good day, indeed. We now know for a fact that the authorities weren’t ignoring the situation. They were just taking their time to build an airtight case. My hope is that their intent was to make it so bleak for these guys that they will reveal everything that they know about the other douchebags in order to get reduced sentences, in which case I will have other arrests to report. We can only hope.
9/22/12 UPDATE!!! A class action lawsuit has been filed against the BH Group.
9/23/12 UPDATE!!! Another story on the lawsuit says it was initiated by two Texas investors and names The BH Group, Bayshore Capital Investments, The Treasury Vault, and Dinar Trade.
There was a good discussion of the possible legal ramifications for pumping dinar back in June that was hosted by Proteus from Revalue.us. In light of these charges that discussion now takes on a whole new relevance IMO. This Wednesday they say they will be discussing the latest on the indictments. Details for the call can be found on their site or www.iqdcalls.com.
9/25/12 UPDATE!!! I just noticed that the wording in this indictment is almost identical to the wording in a document I posted in October 2011 in “Dinar Fact Sheet“. At the time I didn’t know if that document was legit or not, but given the almost identical wording I have to now assume that it is indeed a legitimate US Treasury document. Compare the following with point #8 on page 3 of the indictment.
“A redenomination of the Iraqi currency would not lead to a revaluation by the same amount, and may have no effect on the currency’s value. Under a redenomination, a new currency replaces an old currency, but the value of the currency remains the same. On June 21, 2011, the Central Bank of Iraq (CBI) announced that it would be implementing a redenomination of the Iraqi dinar. Under the proposed redenomination, the Iraqi government would issue a new dinar note that will be equivalent to 1000 current dinars. The exchange rate would be 1.17 new dinars to the dollar, equivalent to 1,170 current dinars to the dollar.”
Also note that in the fact sheet document it states that the reason the dinar increased in value from 2006-2009 was to combat inflation, and they include a chart to illustrate that point. This fact sheet from the US Treasury tells me that the statement in the indictment wasn’t just the view of the prosecutors but came directly from the Treasury as their official statement on the dinar.
9/27/12 UPDATE!!! Here’s the story on LDHL’s connection to Brad Huebner.