For 20 years Monroe Beachy of Sugarcreek, Ohio has represented himself to as his company, A&M Investments, to investors as a safe and secure investment option. He has supposedly told investors that his company that he would invest their money in Ginnie Mae Bond Funds (mortgage-backed security issued by the Government National Mortgage Association) and secure a positive rate of return for them.
However, as of September 15, 2011 an indictment has been filed against Beachy in Ohio for alleged fraud of around 2,698 people for approximately $16.8 million since around 1990.
Stephen D. Anthony, Special Agent in Charge 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 and over again resulting in a combined loss of over $16 million. The FBI and its partners were committed to unraveling this elaborate scheme, which is outlined in the indictment, and to work with those victims who were affected by this large-scale investment fraud.” – Source.
Apparently, included in the loss was the Amish Helping Fund which was started to help members of the Amish community to purchase land, building and other necessities.
Allegedly, thousands of people, business and other entities are out of luck because of this man and his fraudulent actives over the last 20 years. The indictment resulted from investigations conducted by the US Postal Service (USPS), Securities and Exchange Commission (SEC) and Federal Bureau of Investigation (FBI).
As always, this is just an indictment and not an evidence of guilt. Monroe Beachy will be given a fair trail in which it will be the government’s burden to prove guilt beyond a reasonable doubt.
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