YOUNGSTOWN, Ohio – The man dubbed “The Amish Madoff”, Monroe L. Beachy will spend the next 6 /2 years behind bars for crimes he committed while heading up a failed investment firm geared towards the Amish community.
Beachy, 78, received the sentence from U.S. District Court Judge Benita Y. Pearson on Wednesday morning.
In addition to the prison term, Beachy was ordered to pay $16.8 in restitution to the nearly 2,700 victims he defrauded.
According to the U.S. Department of Justice, Beachy pleaded guilty last year to one count of mail fraud for defrauding investors through his company, A&M Investments.
Beachy represented to investors that their money was being placed into mortgage-backed security issued by the Government National Mortgage Association.
Federal prosecutors say that Beachy ran the investment scheme from 1990 until June of 2010.
“This was fraud on a massive scale,” said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio. “This defendant took advantage of people’s trust in him and squandered the life savings of hundreds upon hundreds of families.”