Ohio Man Plans To Plead Guilty To Defrauding Amish

Last updated on: March 13, 2012 at 7:22 pm by

Ohio Man Plans To Plead Guilty To Defrauding Amish 2012-03-13T19:22:05-07:00

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CLEVELAND (AP) — An Ohio man has agreed to plead guilty to defrauding fellow Amish in 29 states out of nearly $17 million

The attorney for 77-year-old Monroe Beachy, owner of A&M Investments in Sugarcreek, filed a notice informing federal court of Beachy’s “intention to plead guilty as charged.”

The judge changed Thursday’s pretrial hearing in Youngstown to a change of plea hearing.

Beachy declined to comment Tuesday on whether he had struck a plea bargain or why he was changing his plea.

The indictment charging Beachy with one count of mail fraud says he promised investors safe securities but moved 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.

Beachy’s firm has filed for bankruptcy protection.

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