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A Charleston Southern University economics professor is in hot water with the Securities and Exchange Commission after nearly $134 million in investments disappeared.
Al Parish, the self-proclaimed "Economan" of Charleston, S.C., claims amnesia in the case of the missing money and has checked himself into a hospital, Inside Higher Ed reports.
The SEC alleges that Parish had sold interest in five investment funds since 1986 and provided false reporting of the funds' financial results. Four of the funds were "informal pools of money" while the fifth focused on "hard assets" such as jewelry and art, Inside Higher Ed reports.
This is a really bad deal all the way around. A number of CSU staff and faculty had invested their money with this guy and CSU itself sank $10 mil of its endowment fund (they originally had $18 million total) into Parrish's funds. The CSU admin is suing to get the money back but they've already acknowledged that the whole wad is pretty much gone.
"I invite all the young champions on Liberty Mountain to come up and rub my woolly mustache."
Libertine wrote:This is a really bad deal all the way around. A number of CSU staff and faculty had invested their money with this guy and CSU itself sank $10 mil of its endowment fund (they originally had $18 million total) into Parrish's funds. The CSU admin is suing to get the money back but they've already acknowledged that the whole wad is pretty much gone.
My favorite line is that he "checked himself into a hospital" -- probably not for amnesia sake but so he didn't get buried alive by the entire CSU faculty.
Sly Fox wrote:This could have significant impact on CSU athletics as well. This is a horrible mess.
I've heard a lot of the CSU posters on BigSouthTalk and AGS -- and when I say "a lot of the CSU posters", I mean both of them -- voice the same concerns, but everything I've read on the situation indicates that athletic scholarships won't be affected.
"I invite all the young champions on Liberty Mountain to come up and rub my woolly mustache."
CHARLESTON, S.C. — A flamboyant former professor who claimed amnesia after $134 million turned up missing from funds he managed was charged Thursday with lying to federal investigators.
The U.S. Attorney's office in South Carolina said Al Parish, 49, made false statements and provided false documents to the Securities and Exchange Commission.
Here is the kicker to the charges....
A judge ordered Parish held without bail, The (Charleston) Post and Courier reported. If convicted, Parish faces up to five years in prison and a $250,000 fine.
So you can LOSE 134 million dollars and all your face is 250k in fines and 5 years in the grey ball motel.....i can only wonder how many people would sign up for that deal!
CSU to pay $3.91M to Parish clients
By Kyle Stock (Contact)
The Post and Courier
Wednesday, February 6, 2008
Charleston Southern University agreed Tuesday to pay $3.91 million to settle allegations that it shared some of the blame for the $90 million investment fraud orchestrated by its former star economist Al Parish.
If the agreement is approved by a federal judge, the money will be distributed among the almost 500 individuals and businesses claiming financial losses from Parish's "informal" moneymaking pools.
hopefully the school can rebound from this sad situation.
JLFJR wrote:Thanks for your input, PA! Very helpful.
- By LU Armchair coach