4 charged in Ohio in $24M Iraqi money scheme

TOLEDO, Ohio (AP) — Federal authorities have charged three Ohio men and a Florida man in a multimillion-dollar scheme involving the sale of Iraqi currency and two nonexistent hedge funds.

The U.S. attorney’s office says the alleged scheme began in 2010 and cost investors $24 million. Those charged are 65-year-old Bradford Huebner of Ottawa Hills, 65-year-old Charles Emmenecker of Sylvania, and 66-year-old Michael Teadt of Maumee in Ohio. Forty-seven-year-old Rudolph Coenen of Jacksonville, Fla., also is charged.

Each is charged with conspiracy to commit wire fraud and wire fraud, and some also face counts including money laundering.

The 83-count indictment in federal court in Toledo was unsealed today. Court records did not list attorneys for the men.

The Blade newspaper of Toledo reports that Huebner attorney Richard Kerger says his client’s business was lawful.