SEC Brings Charges Against Fraud Targeting Amish and Mennonite Investors

On Wednesday, Jan. 29, the Securities and Exchange Commission charged a Pennsylvania man with defrauding Amish and Mennonite community members by making false claims about the use of their funds and guaranteed returns. According to the SEC’s complaint, Philip E. Riehl provided accounting services to Amish and Mennonite communities and developed his own investment program, pooling money raised by selling promissory notes to community members. Riehl allegedly raised approximately $60 million over nearly a decade and promised to invest the funds in business and real estate loans to others in the religious community. According to the complaint, Riehl falsely claimed he required two co-signers on every loan, and would personally guarantee repayment with interest.