Sugarcreek man pleads guilty in $17M Amish fraud case
Photographer: WEWS
Copyright 2011 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 03/15/2012
YOUNGSTOWN, Ohio - A Sugarcreek man has admitted defrauding fellow Amish in 29 states out of nearly $17 million.
Monroe L. Beachy, 77, changed his plea to guilty Thursday in Youngstown federal court. The judge ordered a pre-sentence report and scheduled sentencing for May 24.
A one-count mail fraud indictment returned last year charged Beachy with promising investors safe securities but moving money to riskier investments.
The indictment says nearly 2,700 people and entities, including an Amish community loan fund, lost about $16.8 million since 2006. Beachy's company has filed for bankruptcy protection.
The charge carries a maximum 20-year sentence.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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