FORMER BROKER ACCUSED OF BILKING AMISH
The Securities and Exchange Commission has settled a case with an Ohio man accused of committing a multi-million-dollar investment scam aimed mainly at the Amish community.
In a complaint filed in U.S. District Court for the Northern District of Ohio, the SEC alleged that Monroe L. Beachy, a 77-year-old member of the Amish community in Sugarcreek, Ohio, raised $33 million from investors and told them he would invest it in risk-free government securities that would pay higher interest rates than what banks where offering.
Instead, he invested it in speculative securities such as junk bonds, as well as stocks, bonds, mutual finds and Ginnie Mae securities. He began collecting money from investors in 1986 under the company name of A&M Investments, and was a registered rep of H.D. Vest Advisory Services Inc. until 2004.
He raised money from more than 2,600 investors in 29 states--the vast majority of them being Amish. As part of his Chapter 7 personal bankruptcy protection filing on June 30, 2010, Beachy said he lost roughly $15 million of the $33 million he collected.
Bill: SEC! All RIGHT! Get them $15M Amish crooks! Of course, re the $150B crooks (Guys at/formerly at Lehman/Bear/Goldman...; Congress persons in pay of former...) - well, move right along; nothing to see here..