The Amish Madoff: Quarter-century horse-and-buggy scam conned $33 million 

WHAT: Monroe Beachy, 77, conned $33 million from 2,600 fellow Amish investors in a Ponzi scheme that began in 1986, according to charges by the U.S. Securities and Exchange Commission.

HOW: Beachy enticed two generations of investors in his quiet hometown of Sugarcreek, Ohio, by claiming their money was in safe U.S. government securities that somehow paid higher profits than banks.

WHY IT FAILED: Beachy, who had only a 10th-grade education, filed for personal bankruptcy after the failure of his shaky high-tech investments — including dot-com stock and junk bonds.

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Staff Report

Staff Report

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