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September 16, 2011

Ohio Man Charged With Defrauding Fellow Amish

"An Ohio man has been charged with defrauding fellow Amish out of nearly $17 million by moving their money from safer securities to riskier investments subject to market fluctuations, federal prosecutors said Thursday...The indictment said nearly 2,700 people and entities lost about $16.8 million since 2006....Beachy had promised to put investor money into safer mortgage-backed securities but instead placed the money in stocks, mutual funds and bond funds that had more risk, the indictment said.

A&M Investments filed for bankruptcy protection in June, listing about $33 million in liabilities and nearly $18 million in assets. Members of Mennonite and Amish communities who lost money recently asked a bankruptcy judge to let them settle the matter out of court."

Read more here.

September 16, 2011 in Current Affairs | Permalink

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