US Man Ready To Change Plea In Amish Fraud Case

Last updated on: March 15, 2012 at 2:16 pm by

US Man Ready To Change Plea In Amish Fraud Case 2012-03-15T14:16:25-07:00

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YOUNGSTOWN, Ohio (AP) — A man must face a federal judge at a change-of-plea hearing on a charge of defrauding fellow Amish in 29 states out of nearly $17 million.

Seventy-seven-year-old Monroe L. Beachy has informed the court that he intends to plead guilty at Thursday’s hearing in Youngstown.

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.

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