Alabama law firm saves Dothan man from foreign exchange fraud

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Alabama law firm saves Dothan man from foreign exchange fraud

 

Theodore S. Hudson ll accused of illegal scam, authorities say

Updated: 12:18 PM CST Jan 5, 2017

 

 

 

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By Linda Grantin

 

MONTGOMERY, Ala. —

Buntin, Etheredge & Fowler defended Theodore S. Hudson ll against a claim of an illegal scam run by Husam Tayeh, an associate of Hudson.

 

Authorities said Tayeh was operating a fraudulent currency trading scheme involving currencies from Iraq and Vietnam.

Tayeh's company, Dinar Corp, offered a deal for profiting from worthless Iraqi dinar at a future date when the exchange rate would improve.

Dinar Corp had $8 million in foreign exchange transactions, and also claimed hidden finance charges of up to 22 percent, according to the complaint.

Hudson and his company, Monex AL, were listed as relief defendants, indicating that the Commodity Futures Trading Commission believed Hudson's company had funds intended for Tayeh's company and that Tayeh worked with Hudson to create Monex AL.

According to the complaint, millions of dollars were deposited in various accounts.

Attorney Stephen Etheredge said Hudson was hired to do business that included processing money orders and checks. Hudson said the person he was working for used the U.S. Treasury emblem and seal on his website.

The defense showed that Hudson was not involved in any foreign exchange transactions. According to court documents, Hudson processed the payments and was not found to be involved in the scam.

"Theodore S. Hudson ll was involved with a business that had an illegal government decal displayed. My client never sold or attempted to sell an Iraqi dinar to anyone, never scammed or attempted to scam anyone. He merely processed payments for the company," said Dustin J. Fowler, co-counsel with Etheredge from Buntin, Etheredge & Fowler.

Hudson was sentenced to one year of probation Wednesday at the Federal Courthouse in Montgomery, according to court documents.