The 77-year-old Sugarcreek area man is to attend a sentencing hearing at 10:30 am in U.S. District Court in Youngstown on mail fraud charges in connection with his failed company, A&M Investments.
The firm closed in June of 2010, resulting in millions of dollars of losses for investors.
Beachy has pleaded guilty to a one-count indictment accusing him of operating an investment scheme that defrauded nearly 2,700 people in 29 states of more than $16 million.
According to prosecutors, the indictment covers the entire scheme since 2006 – the last five years under the statute of limitations – and not just one mailing.
Beachy is accused of using the mail to further the scheme by routinely mailing false investor statements, which “were not the ‘safe’ investments as reported to his clients or investors,” as stated in the indictment.
If convicted, Beachy could face up to 20 years in prison, however, documents filed with the court on behalf of Beachy ask for a lesser sentence based on age and physical condition.
A U.S. attorney has filed a counter document to that argument, noting that Beachy’s age and physical state are not grounds to lessen punishment.
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