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Amish bilked out of $17 million dollars

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YOUNGSTOWN - An Ohio man now admits he cheated fellow Amish out of nearly $17 million.

Monroe Beachy, 77,  changed his plea to guilty in federal court. He will be sentenced on May 24.

Beachy promised investors safe securities but put their money in riskier investments instead.

The indictment says nearly 2,700 people and entities in 29 states, including an Amish community loan fund, lost about $16.8 million since 2006. Beachy's company has filed for bankruptcy protection.

Beachy could serve as many as 20 years in prison

Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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