Rudy pleads “Guilty” (from the BH Group)

Jacksonville man pleads guilty in Ohio to conspiracy in Iraqi dinar case

Posted: April 19, 2013 – 10:38am | Updated: April 19, 2013 – 11:29am

Rudolph M. Coenen<– Coenen

By Dana Treen
A Jacksonville man pleaded guilty Thursday in an Ohio federal court to a scheme to defraud investors in the sale of Iraqi dinar currency and two non-existent hedge funds, authorities said.

Rudolph M. Coenen, 47, pleaded to one count of conspiracy to commit wire fraud, one count of wire fraud and five counts of money laundering. His sentencing is scheduled for Aug. 12.

Coenen and three other men promoted Iraqi dinar as having the potential to rocket in value once a reevaluation of the currency took place. They said the investments were protected by the U.S. government.

In addition to the sale of dinar, the conspiracy marketed seats on two non-existent hedge funds that were going to control dinar investments after the currency was revalued.

Coenen was presented to investors as a wounded Iraqi veteran who had deep knowledge of dinar trading and was a former vice president at JP Morgan Chase.

In the plea, Coenen admitted he was not a former Marine who served in the first Gulf War, he had not been wounded in combat and he was never awarded a Purple Heart.

He operated a business known as Bayshore Capital Investments to collect funds related to the non-existent hedge funds.

Approximately $722,000 was solicited from prospective investors, according to court documents.

Three Ohio men, Bradford Huebner, Charles Emmenecker, and Michael Teadt, are awaiting trial in the U.S. District Court in Ohio.