Recovering Losses caused by Investment Misconduct

The SEC filed a civil injunction action against a 77-year-old Amish man from Sugarcreek, Ohio on Tuesday for his alleged role in conducting what SEC officials say was “an unregistered and fraudulent offering of securities.” The SEC believes that Monroe L. Beachy defrauded 2,600 investors, the vast majority of whom are Amish, out of at least $33 million.
 

The complaint alleges that Beachy, dba A&M Investments, offered and sold investment contracts to investors over a period of approximately 24 years with promises that their monies would be invested in risk-free U.S. government securities that would generate more interest than banks could offer. It further alleges that, despite what Beachy represented to investors, he used investor monies to invest in speculative, high-risk investments and fabricated monthly account statements to show solid rates of return and exaggerated account balances when the investments suffered significant losses.
 

In June of 2010, when less than $18 million of the $33 million remained in the investment accounts, Beachy filed for bankruptcy.
 

According to the SEC litigation release, Beachy has agreed to settle the SEC’s charges without entering an admission or denial of guilt. Due to Beachy’s financial situation and Chapter 7 bankruptcy, the SEC is not seeking a civil penalty. The civil injunction action was filed in the United States District Court for the Northern District of Ohio, which still has to approve the settlement.
 

About our law firm:
 

The Ohio-based law firm of David P. Meyer & Associates represents individuals in Ohio and throughout the country who have been harmed by investment fraud. All of our cases are handled on a contingency fee basis and we never request a retainer of any kind. Contact us toll-free at 1.866.429.2360 for more information or complete the online form on the top of this page and we will respond promptly.