What the fuck is wrong with people? An Amish guy is being accused of running a Ponzi scheme? What?! Does greed know no boundaries? (Don't answer that; I don't want to know.)
From The Washington Post:
The personal assets of Monroe L. Beachy, a 77-year-old Amish man, included a horse, buggy and harness. According to the Securities and Exchange Commission, his skills included financial fraud.
Beachy spent a quarter-century raising $33 million from more than 2,600 investors, the overwhelming majority of them fellow members of the Amish community, which often shuns modern conveniences such as automobiles.
But Beachy's investment approach allegedly had more in common with the timeless methods of Charles Ponzi and Bernard Madoff than with the sheltered village of Sugarcreek, Ohio, where he lived. When the SEC charged him with fraud on Tuesday, it said he had lost nearly half of his investors' money.
Read the rest of this article, by David S. Hilzenrath, here.
And, then there's the guy in Monroe ...
Federal officials have filed a civil anti-fraud lawsuit against a Monroe-based investment firm for allegedly operating a foreign currency Ponzi scheme that attracted $669,000 from more than 22 individuals since June 2008.
The U.S. Commodity Futures Trading Commission also filed suit against the principals of PMC Strategy LLC: Michael Hudspeth of Statesville and Timothy Bailey of Monroe. The defendants are also accused of allegedly misappropriating $129,000 of customer funds for their personal use.
None of the principals have ever been registered with the CFTC, according to a complaint filed last week in U.S. District Court for the Western District of North Carolina. On the day the complaint was filed, Judge Graham Mullen entered an order freezing the defendants' assets and prohibiting the destruction of books and records.
Read the rest of this Charlotte Observer article, by Rick Rothacker, here.
Rhiannon Fionn-Bowman is an independent journalist who contributes commentary on Creative Loafing's CLog blog four days a week in addition to writing for several other local media organizations. To learn more, click the links or follow Rhi on Twitter.