Massive Investment Fraud Targets Amish Community
An Amish man from Sugarcreek, Ohio has been accused of a massive investment
scam that targeted his fellow investors in the Amish community. It's
alleged that Monroe Beachy, 77, ran theinvestment scam for 20 years, from 1990 to 2010. He allegedly took in about 2,700 investors
in this time period for $17 million overall. The Amish Helping Fund, which
helps people in the Amish community with funds for land and buildings,
was among the victims.
According to officials, Beachy claimed investors could secure high returns through his A&M Investments, which would put their money into "safe" Ginnie Mae Bond Funds. Unfortunately for the victims, these funds were allegedly never invested in these securities.
The United States Attorney for the Northern District of Ohio said, "This is fraud on a massive scale. This defendant took advantage of people's trust in him and squandered the life savings of hundreds upon hundreds of families."
The Ohio investment fraud lawyers with Meyer Wilson represent victims of Ohio securities fraud in stockbroker mediation, arbitration, and litigation. If you have been the victim of an investment scam or Ponzi scheme, contact us today.