Pennsylvania man conned Amish, Mennonites in $60 million Ponzi scheme
February 3, 2020
FRANKLIN COUNTY, PA - A Pennsylvania accountant defrauded Amish and Mennonite community members out of $60 million after investing their money in a failing dairy he owned, investigators said.
Philip E. Riehl provided accounting services to members in the religious communities. He created an investment company, pooling money raised by selling promissory notes to community members, according to the Securities and Exchange Commission.
He raised about $60 million over 10 years and promised to invest the money in business and real estate loans.
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