Let’s be clear really quickly. The Iraqi Dinar is not a scam in, and of itself. CNBC discusses this. The scam involves when people make ridiculous claims of Iraqi Dinars being able to make impossible gains. They state Iraq’s economy is great. Even if the value increased 100,000%, what would happen to the value of the United States Dollar? Currencies don’t revalue that high. What would the purchasing power of the USD be when it takes $3 to buy each IQD? I wrote previously about the new Iraqi Dinar coming out, which was contrary to what nearly every single dinar guru stated would happen. This article goes into one Iraqi Dinar scam, the hedgefund and revaluation scam pushed by the BH Group, and supported by Ali from Dinar Trade.
Click the picture below to read the statement that was placed on the website once the BH Group was informed that they couldn’t make any more calls:
Listen to what happens now when you call their conference call replay number:
2012 BH Group Statement No More Calls
February 10, 2016
By: Nick Giammarino
YouTube link to the 2011 conference call:
Can the Iraqi Dinar appreciate in value? Of course it can, but think about this statement for a moment, how can a 25,000 dinar note, a note which can be purchased for around $30 someday be worth $750,000? Does that make sense? Now, an appreciate is possible, but not $3 per dinar. Remember, the $3 rate was not the International Rate, it didn’t exist outside of Iraq, so if you didn’t live in Iraq, you couldn’t exchange. North Korea has a black market rate as well as an official International Rate, don’t forget that. I posted throughout this article the members of the BH Group, one of whom recently died in prison:
Rudolph M. Coenen, who died in prison in 2014.
The BH Group was involved in an Iraqi Dinar Scam in 2011. Here is a news article from 2014 when they were sentenced:
Describing him as “a scammer who got scammed himself,” a federal judge sentenced an Ottawa Hills businessman Thursday to 87 months in prison for defrauding investors who bought Iraqi currency and placements in two nonexistent hedge funds.
Bradford Huebner, 67, was convicted by a jury May 22 of conspiracy to commit wire fraud, wire fraud, mail fraud, 30 counts of structuring transactions to evade reporting requirements, and nine counts of money laundering.
At the objection of Assistant U.S. Attorney Gene Crawford, U.S. District Judge Jack Zouhary allowed both men to remain free on bond and ordered them to report to begin serving their prison sentences after Dec. 10.
Huebner, Emmenecker, and co-defendant Rudolph Coenen, 49, of Jacksonville, also will be ordered to pay a yet-to-be-determined amount of restitution for the fraud scheme that federal prosecutors said involved some $23.8 million in sales of Iraqi dinar and $750,000 from sales of the hedge fund seats. A forfeiture of property also is to be ordered by the court.
Coenen, who pleaded guilty last year and was sentenced Sept. 24 to 63 months in prison, was painted as “the bad guy” by attorneys for Huebner and Emmenecker.
“Rudy Coenen is the guy who told the lies, and he made them up long before he ever heard of Brad Huebner,” Rick Kerger, attorney for Huebner, told the court.
During the trial, it was shown that Huebner’s company, the BH Group, had presented Coenen as a currency expert during weekly conference calls in which they promoted the dinar and hedge funds to potential investors.
Besides repeating falsehoods about investing in the currency and its ability to make them rich, they spoke of Coenen’s service as a Marine in Iraq where he was wounded and awarded the Purple Heart and his previous work as a vice president at JP Morgan Chase.
Neither of the claims was true.
Huebner made a lengthy statement to the court, saying he bought Coenen’s story — as many people did — hook, line, and sinker.
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“I will be the first to tell you that I am guilty of trusting people too much — to a fault,” he said.
Huebner apologized to his family and those he harmed and expressed what he called “overwhelming remorse and embarrassment” for the position he was in.
He also reiterated the claims he had made to family, friends, and others who became customers of the BH Group — that one day “in the near future” the Iraqi government would revalue its currency and everyone’s investment would pay off.
Judge Zouhary said it sounded as though Huebner was still in denial.
“You indicated today that you are still excited for all the investors,” the judge said. “Don’t be excited. Be saddened.”
Huebner had faced a sentencing range of 235 to 293 months in prison, and Mr. Crawford asked for a term within that range. Calling him a “hard-core fraudster,” Mr. Crawford said Huebner showed no remorse and only wanted to play the blame game.
“The court may never again have before it the CEO of a company that brought in $23 million in gross receipts in the sale of dinar and is responsible for absolutely nothing because everything is always someone else’s fault,” Mr. Crawford said.
Emmenecker also received a sentence significantly less than the federal guidelines as Judge Zouhary found him to be “less culpable” than Huebner and Coenen.
His attorney, Reginald Jackson, maintained that Emmenecker “never made a penny” from the dinar sales but “believed and trusted Brad Huebner” and wanted to help his friends.
Judge Zouhary said both men had long business careers and should have known better or at least looked into Coenen’s background.
“The warning bells should have been deafening to you,” he told Emmenecker.
Emmenecker told the court he had hoped through the BH Group conference calls he moderated to bring better information about the currency investment to interested buyers.
“I had never intended for any of my friends to lose any money, to be hurt,” he said. “… One thing led to another and here I am in this pickle for which I’m very, very sorry.”
Link to Iraqi Dinar Movie – Iraqi Dinar Movie
A fourth co-defendant in the case, Michael Teadt, 67, of Maumee was acquitted at trial of conspiracy charges but was found guilty — as was Huebner — of one count of mail fraud for filing a false application for federal job-training funds.
He was placed on probation for two years, ordered to pay a $2,000 fine, and — along with Huebner — pay $5,767 in restitution.
Read more at http://www.toledoblade.com/Courts/2014/10/31/Local-men-sentenced-in-dinar-case.html
Here is the Ali Ajha from Dinar Trade that is mentioned on the call, I know you recognize him:
From the BBB:
On May 22, 2014 in the Untied States District Court Northern District of Ohio, a jury returned guilty verdicts as to Defendant Bradford Huebner on 42 Counts including conspiracy to commit wire fraud, wire fraud, mail fraud and money laundering as well as structuring and attempting to structure transactions to evade reporting requirements; after a plea of not guilty.
On December 22, 2014 United States District Judge Jack Zouhary sentenced Bradford Huebner to 87 months imprisonment for each Count of 1 through 42, to run concurrent to one another.
Huebner was also ordered to pay the total criminal monetary penalties in the amount of $841,892.10 in restitution.
On January 16, 2015 Judge Jack Zouhary ordered the Final Order of Forfeiture authorizing the United States to seize the following of Huebner’s property:
1. $24,200 in U.S. Currency seized from Huebner’s residence.
2. $1,768,326.92 in U.S. Currency converted from Iraqi Dinar seized from the residence.
3. $2,630 in U.S. Currency, seized from 17 North St. Clair St., Toledo, OH.
4. $7,304.85 in U.S. Currency converted from Vietnamese Dong, seized from 17 North St. Clair St.
5. $241,192.38 in U.S. Currency converted from Iraqi Dinar, seized from 17 North St. Clair St.
6. $26,960 in proceeds seized from Huntington Bank.
7. $62,930.54 in proceeds seized from Wells Fargo Bank.
8. $225,804.29 in proceeds seized from Bank of America.
9. $99,361 in proceeds seized from Bank of America.
The following was taken from the deleted BH Group website:
General Questions about The BH Group
Where is your office located?
Fifth Third Field, home of Toledo Mud Hens (AAA affiliate Detroit Tigers) overlooking Right field 17 N. St. Clair Street, 2nd Floor, Toledo, OH 43604
What’s the best way to contact you?
Email at: brad @ thebhgroup.org Phone: 419 – 740 – 5220
What are your office hours?
Monday through Friday 9:00am-6:00pm EST
What are your methods of payment?
Cashier’s check or money order payable to: The BH Group. Wire Transfer capability for orders over $5000 (Call for Wiring Instructions). Overnight Delivery or USPS Priority Mail to our office and we’ll process and ship your order the same day we receive your payment.
How long have you been involved with the Iraqi Dinar?
What are the benefits of purchasing Dinars from The BH Group?
Here are the main reasons:
- We’re the only Trader that’ll educate and support you regarding ALL aspects of the RV process! Our Dinar 101 Conference Call helps educate, “newbie’s” and is updated every week with relative information. You NEED a life line in this entire process or it can cost you BIG TIME!
- Our Dinars are competitively priced and shipped the same day we receive your funds!
- You’ll get the best Conversion Rate of only $150, per million Dinars going back to Dollars!
- You’ll get the best Exchange Rate (Price per Dollar for your Dinar) and be able to go to 9 different locations strategically located throughout the USA.
What is your source for Dinar?
We deal with the main traders for the Central Bank of Iraq
Are your Dinars the uncirculated (New) or circulated (Old) Dinars?
We only have NEW uncirculated Notes.
What denomination Dinar Notes do you sell?
We sell 10,000 and 25,000 uncirculated Notes.
How do I become a member of The BH Group?
Go to www.thebhgroup.org and REGISTER to have complete access to the “entire site” including the information about the Dinar.
When are your BH Group Conference Calls?
We have a new pre-recorded conference call that is done every Monday evening. You must Register on our Web Site to be able to hear our weekly Conference Call. After you’re a Registered Member of The BH Group you’ll be able to go to our Web Site and log on and get the “link” after 9:00pm EST every Monday. You’ll also be able to listen to the Pre-Recorded call by calling into xxx-xxx-xxxx. Both the Web Site Link and the Pre-Recorded call will be available for until the following Monday
How long will The BH Group sell Dinars?
We will sell until the Central Bank of Iraq and the Government of Iraq announce the Revaluation. We must have your funds in our hands BEFORE the Revaluation announcement is made or we will send your check back to you.
QUESTIONS REGARDING THE DINAR AND IRAQ
What is the difference between a R.I. and R.V.?
RI means a ReInstatement. This is the price, $3.22 per Dinar, that the Iraqi Dinar was at before the United Nation put trade sanctions on Iraq for invading Kuwait that led to the devaluation of the currency to its present level of approximately 1/10th of a penny per Dinar! RV means a Revaluation where the Dinar will come out at an entirely new number and seek its’ own level. i.e. If the Dinar RV’s at $3.00 per Dinar, you’ll be able to exchange your 25,000 Dinar Notes for $75,000 EACH.
What happens if the Central Bank of Iraq (CBI) drops the three zeros?
The CBI already has newer lower denomination notes printed that have dropped the three zeros and will be issued after the RV. These notes have been printed because the triple zero notes will not be commercially practical. HOWEVER, your triple zero notes will be honored for the full amount and you’ll be paid accordingly!
Can Iraq NOT honor the Dinar’s we hold?
Iraq MUST honor the Dinar that you hold.
Is it possible that Iraq can make it so MY Dinars are worthless?
Iraq cannot render your Dinars worthless. Any currency they have released to the public, whether it is here in the USA or in Iraq must be honored. There was a “rumor” used as a scare tactic started by another Trader that Dinars outside of Iraq are worthless. He is offering capabilities to open up Bank Accounts at the Warka Bank in Iraq and buy your Dinars and keep them inside Iraq. He doesn’t tell you about significant fees that will be assessed in the entire process!
DINAR EXCHANGE PROCESS
What is the relationship between The BH Group and Dinar Trade?
The BH Group is a “wholesaler” and buys Dinar in large quantities from Dinar Trade. As a member of The BH Group you’ll have the ability to cash in at ANY of the 9 Dinar Trade locations in the USA and get the lowest conversion and exchange rates! When making an Exchange Appointment with Dinar Trade, please state that you are a member of The BH Group.
How many people are considered a group?
A group is considered 2-30 people.
What are the benefits of joining a group?
Groups are designed to allow friends go through the Exchange process together AND to help people that are not able to Exchange their Dinars personally.
What is the responsibility of the Group Leader?
The Group Leader will have the name of each member of their group and the amount of Dinar that each person holds. Once we have notice of the RV, the Group Leader will get into contact with each member and ask them how many Dinars they will exchange and relay that information when making the appointment. The Group Member is responsible for bringing their Dinar to the appointment.
What are the tax implications?
At this time there is NO definitive information on how the profits from your currency transaction will be taxed, however we will keep you posted. Please consult your CPA for further advice.
How long do we have to cash our Dinar in?
More than likely the CBI or GOI will allow a certain time frame, i.e. 90 days to try and get ALL the triple zero notes out of circulation and back to Iraq from foreign countries. This means you will have to Exchange your Dinars in that time frame or risk losing your investment. We’ll keep you posted.
How do I exchange my Dinars for Dollars?
As soon as we get word of the RV we’ll immediately Email or Text you explicit instructions to call and make your appointment with Dinar Trade. You will tell them: your name, amount of Dinar you want to exchange, the location that you’d like to do your exchange and you’ll have to tell them you’re a member of The BH Group.
Do we have to call immediately?
As soon as you get the notification from The BH Group that the RV has happened you should call Dinar Trade immediately and make YOUR appointment. Appointments are made on a First Come, First Serve basis.
What is the difference between a Free or Managed float?
A “free float” will be a volatile occurrence where the Dinar will rise or fall based on demand. If it’s a “free float” you’ll have to decide WHEN you want to LOCK your rate down. You should call Dinar Trade and find out what the rate is. If you want to LOCK in all or part of your Dinars at that rate, you’ll be able to download a contract from Dinar Trade.com and have 24 hours to sign, notarize and send back to confirm your rate and appointment. This is a binding contract that Dinar Trade will pursue legal recourse if you do not honor it! A “managed float” will come out with a rate that will be good for a fixed period of time, i.e. 30-90 days where the rate will not be allowed to vary by more than 2% during that time frame. In this case you, call Dinar Trade and make your appointment and tell them how many Dinars you want to exchange. There is no binding contract in this instance!
Will there be security at the Exchange Centers?
There will be professional security at each of the Exchange Centers but please be aware of your surroundings and do not be broadcasting to anybody what or where you are going.
How do I get my money to the Exchange Center?
You will physically have to bring your Dinars with you to the Exchange Center. However, you will not be leaving with ANY cash as your financial returns from this investment will be either wired or Inter Bank transferred electronically to your specific bank account.
Which cities will be hosting the exchange centers?
The BH Group has made arrangements to allow members to exchange at Dinar Trade’s Centers. When making your appointment make sure you let the Dinar Trade Rep know you’re a BH Group Member! The following Exchange Centers will be open within a week of the RV announcement: Manhattan, NY Grand Forks, ND London, United Kingdom Spring Hill, FL Las Vegas, NV Zurich, Switzerland Ft. Smith, AR Toledo, OH Kuala Lumpur, Malaysia Waxahachie, TX Salt Lake City, UT Singapore Albuquerque, NM Kent, WA Vancouver, Canada *There are three Dinar Trade Center’s where BH Group members can cash in immediately after the RV or RI announcement with an approved appointment.
Do you know the exact location of these exchange centers?
This information is being kept confidential for security purposes and will be released after the RV for each city.
What if I am unable to make the exchange? Can someone else exchange the currency for me?
Yes. The Dinar holder must fill out the Third Party Transaction form. This form will be filled out completely, signed, notarized and brought to the exchange by the designated representative.
What if the Dinar is owned by a minor?
As long as the child has a social security number and a bank account number the transaction will be honored.
Why is Bank of America, Welles Fargo/Wachovia and Citibank being recommended over other banks?
Dinar Trade has accounts at Bank of America, Wells Fargo/Wachovia and Citibank and will have the ability to do Interbank Transfers that’ll happen very quickly and will not have to go through the Federal Reserve. In layman’s terms the transaction will be instantaneous as the funds will have the ability to be transferred directly to your account. The big advantage is that you’ll be able to see your money quickly vs. a wire transfer that could be a couple of hours or possibly the next day if you miss the 2:00PM EST cut off for wire transfers!
If I have a different bank, will I still be able to do the exchange?
Yes. Just make sure that you check with your bank and request that banks routing number for a wire transfer as they may be different from the routing number on your checking or savings account. It shouldn’t take more than a couple of hours to make the Transfer if you make the daily cut off, which is usually 2:00 pm.
Are we able to transfer the money to more than one bank account?
No. When you have your appointment, you’ll have the opportunity to transfer to one account.
When do I pay the $150 Exchange Fee?
There is an Exchange Fee of $150 per 1,000,000 Dinar. This is taken directly out of your earnings at the time of the exchange so that you will not need ANY cash at time of exchange.
What if I want to exchange less than 1,000,000 Dinar? Is my fee still $150?
Yes. $150 is also the minimum exchange fee. Any amount over 1,000,000 Dinar will add another $150 per million, i.e. 1,100,000 Dinars will cost $300 to exchange.
Can I get cash at the exchange?
No. All transactions will be done electronically and sent directly to your bank account.
Can I exchange my Dinar at a different place than through Dinar Trade?
Yes but I would call around at various banks to see what their Conversion and Exchange rates will be then compare those with Dinar Trade, who you will find to be extremely competitive!
With so many people calling at once, how will Dinar Trade be able to handle the amount of calls they will be receiving?
Dinar Trade has several huge call centers under contract that will be able to accommodate the massive influx of calls once the RV is announced.
Do we give our Bank Account numbers to anyone before the time of the exchange?
AFTER THE RV IS ANNOUNCED
How do I report my earnings to the government?
You will complete the Fincen Form 104 (US Citizens)
Where do I find the Fincen Form 104?
Visit irs.gov or Google, Fincen Form 104
Can I fill it out before the exchange?
You can fill out Section A. The rest will be done at the time of the exchange. If you do not have a Fincen Form 104, one will be provided for you at the time of the exchange.
What do I do with the Fincen Form 104 once it’s filled out?
Schedule an appointment with your CPA and file it with your taxes in the appropriate year.
How do we know what to do with our earnings after the RV or RI?
We suggest you contact professionals that are specialized, trained and licensed to provide the type of information to help assist you with your new found wealth. We are working to put a group of professionals together that can possibly help you but every person has a different set of circumstances and the best bet is to find somebody in your local area that has this type of expertise!
What if I want to donate some of my earnings to a specific charity?
We advise that you directly donate the actual Dinars to the specific charity, Non Profit organization or 510C3 entity rather than providing them a portion of your earnings as you will pay unnecessary taxes!
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