Beachy, aged 77 years, owner of Sugarcreek-based A&M Investments, has been indicted for falsely promising to make safe investments of about $16.8 million on behalf of nearly 2,700 persons and various entities, but actually moving the money into risky investment avenues.
The victims were located across 29 states and included a community loan fund for the Amish, according to the indictment. As per prosecutors, Beachy had earned his living for many years offering the Amish various investment services. It was not clear whether the investments in this case had just turned bad, or Beach had inappropriately profited in any way in the matter.
According to the indictment, Beachy’s investments “were not the ‘safe’ investments as reported to his clients or investors.”
Bearded Beachy, who wears a shock of white hair, belongs to an Amish church, close to Sugarcreek. According to the government, the church had hoped to protect the case from the glare of publicity and the involvement of outsiders. Beachy faces a charge on one count of mail fraud and could be imprisoned for up to 20 years in punishment.