Ohio man to plead guilty to defrauding fellow Amish of $17M

Associated Press

CLEVELAND

An Ohio man will plead guilty in federal court to defrauding fellow Amish in 29 states out of nearly $17 million as part of a case the man’s church had hoped to shield from publicity and outside involvement, the government said Tuesday.

The attorney for Monroe L. Beachy, 77, owner of A&M Investments in Sugarcreek, filed a recent notice informing federal court of his “intention to plead guilty as charged.”

U.S. attorney’s spokesman Mike Tobin confirmed the pending guilty plea. Beachy declined to comment Thursday, and his attorney didn’t immediately return a message seeking comment.

Beachy is accused in an indictment of promising investors safe securities but moving money to riskier investments. According to the indictment, nearly 2,700 people and entities, including an Amish community loan fund, lost about $16.8 million since 2006.