Phillip Riehl the majority owner of Trickling Spring Creamery in Chambersburg, PA. has pleaded guilty to fraud involving $60 million and accordingly faces a prolonged prison sentence.
Prosecutors alleged that Riehl supported the loss-making creamery by using the contributions of new investors, principally member of the Amish and the Mennonite communities in a classic Ponzi scheme. The Riehl Investment Program and Trickling Spring Creamery collectively lost $60 million of investors’ money.
U.S. Attorney General William McSwain stated, “In some cases the defendants swindled individuals out of millions of dollars. It is only natural for member of a tightly knit community to want to take care of one another but Riehl wasn’t concerned with taking care of anyone but himself and he doesn’t deserve the loyalty of his victims now.” McSwain added, “Riehl victims trusted him to handle their investments with honor and integrity. Instead, he took advantage of their trust based on their mutual religious affiliation.”