Is an Ohio Man the Amish Bernie Madoff?
Last month, Monroe Beachy was accused of running a Ponzi scheme that allegedly cost thousands of Amish investors approximately $16.8 million over a twenty-year period.Mr. Beachy ran a business called A&M investments in Sugarcreek, Ohio. According to the government, he told investors in the Northern District of Ohio and elsewhere that he was investing their money in Ginnie Mae Bond Funds, but he instead put their money in other government funds, individual stocks, and mutual funds. He is accused of mailing false investment statements to his investors.
It is alleged that Mr. Beachy's victims include approximately 2,600 investors in 29 states. While his case
has been compared to that of Bernie Madoff because of the long period during which he is accused of defrauding investors, Mr. Beachy's case is different than Mr. Madoff's because Mr. Beachy led a frugal lifestyle.
This alleged affinity fraud scam may be one of the first to target the Amish community.
About Our Law Firm:
The Law Firm of Meyer Wilson is the only law firm in the state of Ohio that exclusively represents investors. Our investment fraud lawyers regularly represent individual and class-action investors in securities arbitration, mediation, and litigation claims against stockbrokers, brokerage firms, and financial advisors. All of our cases are handled on a contingency fee, and we do not request retainers of any kind.
To speak with an experienced investment fraud attorney, please call us today at 614-224-6000 or toll-free at 1-866-827-6537. You can also learn more about your rights in our FREE book: Five Signs of Investment Fraud... And What to Do if it's Happened to You.
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