South Carolina scam produces quick indictment
While white-collar crime investigations often take years to produce an indictment, that isn't always the case. Here's an interesting story about a South Carolina scam involving 650 investors who are out at least $56-million. Al Parish, shown here, was a well-known economics professor at Charleston Southern University who convinced people to give him money to invest, including a doctor who handed over $30-million, and the university, which trusted him with part of its endowment. He spent the money supporting a lavish lifestyle and acquiring art and collectibles. The U.S. Securities and Exchange Commission filed civil fraud charges against him in April and he was arrested shortly after that on a charge of lying to the SEC. He was indicted by a federal grand jury on fraud charges the next month. Parish claims to be suffering from amnesia. Here's a listing of stories in the Charleston paper for those who want to read more.
(Photo credit: Associated Press)
St. Petersburg Times personal finance editor Helen Huntley writes about money topics and answers questions about financial planning, investments and personal income taxes.
Too bad Scumbag himself isn't up for auction. I have a place on my wall I'd like to hang him there!!!!!
Posted by: Willie | June 07, 2007 at 08:30 AM
This was a slam dunk case we'd been following - we deemed him the "Absent Minded Professor" at our regulatory compliance firm.
While I feel for the previous comment poster, I do think our regulators (federal and state) have been working harder to help people receive at least a portion of their funds back - this is evidenced by quicker moves to freeze assets, etc. Don't get me wrong - we have even worked on some really awful cases (expert witness services). It also never ceases to amaze me the depths of which some white collar criminals will stoop.
It is important for the press to keep these stories out in the sunlight - good work.
Best Regards - B. Dickinson, President of Dickinson Regulatory Alliance, LLC
Posted by: Beth Dickinson, President of Dickinson Regulatory Alliance, LLC | June 06, 2007 at 12:42 PM
Again the point of all this is to show us frustrated 'investors' that sooner or later justice will be served.
But don't count on getting your money back.
Posted by: | June 04, 2007 at 12:43 PM