Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Mennonite accountant admits $60M Ponzi scheme to scam Mennonite and Amish investors [View all]
A Mennonite accountant in Berks County admitted Thursday he ran a $60 million Ponzi scheme that preyed on Mennonite and Amish investors.
Philip Elvin Riehl, 68, of Frystown, near Interstate 78, pleaded guilty to federal charges of wire fraud, securities fraud and conspiracy.
He faces a maximum sentence of 45 years in prison and a $5.5 million fine. Riehl also must pay $59.8 million in restitution to the victims of the 10-year scam.
Federal prosecutors declined to say how many, if any, of his victims are Lancaster County residents.
Read more: https://lancasteronline.com/business/local_business/mennonite-accountant-admits-m-ponzi-scheme-to-scam-mennonite-and/article_2ab6a456-5a47-11ea-89fb-7bb0f31836a1.html
2 replies
= new reply since forum marked as read
= new reply since forum marked as read