Man indicted for defrauding Amish in Ponzi scheme 

Federal prosecutors indicted Ohio man Monroe Beachy, 77, “the Amish Bernie Madoff,” for allegedly operating a Ponzi scheme that defrauded $33 million from 2,600 fellow members of the Sugarcreek Amish community. With a 10th-grade education, Beachy obtained much of his financial knowledge from H&R Block classes. The Securities and Exchange Commission said he lost nearly all his investors’ money in bad stock picks as early as 1998 but continued soliciting new investors until he declared bankruptcy in 2010.

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Staff Report

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A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
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Monday, Sep 15, 2014

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