There is no one person identified as the inventor of the Iraqi dinar scam, since there are multiple scams. However, Bradford Huebner, Charles Emmenecker and Rudy Coenen are people responsible for creating a notable Iraqi dinar scam. The three men collected close to $24 million in funds from markup fees from investors.Continue Reading
As of 2014, the men are serving prison terms ranging from 33 months to 87 months for various crimes, including money laundering, wire fraud and mail fraud. Huebner set up the B.H. Group as a way for investors to buy Iraqi dinar. Coenen claimed that he was a U.S. military veteran and former vice president of J.P. Morgan Chase as a way to build trust with investors. The company also named Executive Order 13303 as a reason it was authorized to possess Iraqi dinar.
Emmenecker helped to support the scheme. Investors purchased the Iraqi currency and paid an average markup fee of 20 percent to store money in hedge funds that did not exist. The men lured investors with tales that depicted Coenen as a war hero.
Investors bought the currency under the premise that they could make their money back when the Iraqi dinar increased in value. Some of the investors Huebner solicited included his friends and family. Huebner's convictions also include evasion of reporting requirements.Learn more about Currency & Conversions