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Owner of shuttered Franklin County dairy pleads guilty in $60M fraud

  • The Associated Press
FILE PHOTO: In this June 29, 2017 photo, cows stand in stalls at dairy farm in Sauk City, Wis. Americans are not drinking milk like they used to for a number of reasons, the most prevalent being that there is so much more to choose.

Carrie Antlfinger / AP Photo

FILE PHOTO: In this June 29, 2017 photo, cows stand in stalls at dairy farm in Sauk City, Wis. Americans are not drinking milk like they used to for a number of reasons, the most prevalent being that there is so much more to choose.

(Philadelphia) — The owner of an award-winning organic dairy in Franklin County that abruptly closed its doors last fall has pleaded guilty to running a Ponzi scheme that bilked investors of nearly $60 million.

Philip Riehl was the majority owner of Chambersburg-based Trickling Springs Creamery.

Prosecutors say he ran a long-running fraud scheme that preyed on hundreds of Amish and Mennonite investors.

He pleaded guilty Thursday to securities and wire fraud and conspiracy.

Sentencing was scheduled for June.

The 68-year-old accountant faces a maximum of 45 years in prison.

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