YOUNGSTOWN, Ohio (AP) — A man has admitted defrauding fellow Amish in 29 states out of nearly $17 million.
Seventy-seven-year-old Monroe L. Beachy changed his plea to guilty Thursday in federal court. The judge ordered a pre-sentence report and scheduled sentencing for May 24.
A one-count mail fraud indictment returned last year charged Beachy with promising investors safe securities but moving money to riskier investments.
The indictment says nearly 2,700 people and entities, including an Amish community loan fund, lost about $16.8 million since 2006. Beachy's company has filed for bankruptcy protection.
The charge carries a maximum 20-year sentence.