Amish Investment Broker Declines to Enter Plea in $17M Fraud Case
Amish investment broker, Monroe Beachy, of Sugarcreek, Ohio, refused to enter a plea in federal court recently to charges related to an alleged $17 million investment fraud case that authorities say defrauded members of his Amish community. He cited moral and religious reasons for his refusal.
As discussed here, Beachy is accused of running a twenty-year long Ponzi scheme that defrauded thousands of mostly Amish investors out of just under $17 million. According to authorities, Beachy, dba A&M Investments, misled approximately 2,600 investors in 29 states when he told them he would invest their funds in risk-free, U.S. government securities, namely Ginnie Mae Bond Funds.
Instead, prosecutors allege, he invested the $33 million entrusted to him in other government funds, mutual funds, and stocks. According to court documents, he lost $16.8 million of investor funds in the risky ventures. He is currently entangled in a bankruptcy proceeding in Akron, Ohio related to the loss.
Earlier this year, the SEC filed a civil injunction action against Beachy on similar charges. (For more information about the SEC case, read our Feb. blog post available here.) If convicted, Beachy faces up to 20 years in prison.
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To schedule a free consultation with an experienced Ohio investment fraud attorney, please call us today at 614-224-6000 or toll-free at 1-866-827-6537. We also invite you to read our FREE book for more information about your rights and potential recovery: Five Signs of Investment Fraud... And What to Do if it's Happened to You.
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