Monroe Beachy Sentenced to Over Six Years in Prison for Defrauding Nearly 2,700 People and Businesses out of $16.8 Million

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Monroe L. Beachy was sentenced to 6 ½years in prison for operating a scheme in which he defrauded 2,700 businessesand people, many of them Amish, out of more than $16.8 million, federal officialsannounced today.
Beachy, 78, of Sugarcreek, Ohio, pleadedguilty last year to one count of mail fraud before U.S. District Judge BenitaPearson.
“This was fraud on a massive scale,”said Steven M. Dettelbach, United States Attorney for the Northern District ofOhio. “This defendant took advantage of people’s trust in him and squanderedthe life savings of hundreds upon hundreds of families.”
Stephen D. Anthony, Special Agent inCharge of the Federal Bureau of Investigation’s Cleveland office, said,“Thousands of investors entrusted their life savings to the integrity of Mr.Beachy’s investment business. Unfortunately, he violated this trust over andover again.”
Beginning in or about 1990 andcontinuing through in or about June 2010, Beachy represented to investors thatmoney deposited with his investment company, A&M Investments, would be safeand would secure a positive rate of return.
He specifically represented to investorsthat A&M would invest in Ginnie Mae Bond Funds, a type of mortgage-backedsecurity issued by the Government National Mortgage Association and guaranteedby the full faith and credit of the United States government, according tocourt documents.
Beachy did not invest the money asrepresented, and as such, approximately 2,698 people and entities weredefrauded with a combined loss in excess of approximately $16.8 million.
Among the investors that lost money wasthe Amish Helping Fund, which was established to assist members of the Amishcommunity with the purchase of land and buildings, among other things,according to court documents.
The case resulted from an investigationconducted by the United States Postal Service, the Securities and ExchangeCommission, and the Federal Bureau of Investigation. The case was handled byAssistant United States Attorney Linda H. Barr.