Amish Group Wants Bankruptcy Case Dismissed

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The Amish are a close-knit communal Christian sect that lives according to the principles of the Bible. In an extraordinary bankruptcy case, members of the Amish community in Sugarcreek, Ohio are requesting their bankruptcy case to be dismissed by the judge. A total of 2,900 creditors from 29 states, mostly Amish invested $33 million into a company called A&M Investments under the control of Morgan Beachy, an Amish himself. From 1986 to June 2010, Beachy sold investment contracts that were purported to be used to purchase risk-free U.S. government securities, but instead made speculative investments.

This is a classic case of affinity fraud. 77-year old Beachy filed for Chapter 7 bankruptcy in June last year in a court in the Northern District of Ohio. Out of the $33 million entrusted to him, he has less than $18 million left. The media has been drawing comparisons between Beachy and Bernard Madoff who ran a $50 billion ponzi scheme since the early 90s because of the long periods both men deceived investors into thinking that their investments were making money.

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