Columbia, South Carolina ---- United States Attorney W. WALTER WILKINS stated today that ALBERT E. PARISH, JR., age 50, of Hollywood, South Carolina, was sentenced to 24 years in federal prison for an extensive investment fraud scheme that saw 487 people lose an approximate total of $70 million dollars. Chief United States District Judge David C. Norton imposed the sentence and ordered Parish to pay full restitution to his victims.

Federal prosecutors presented evidence in court and in prior proceedings that Parish, a former economics professor at Charleston Southern University, devised a scheme to defraud hundreds of investors of millions of dollars. Parish formed Parish Economics, LLC, a purported money management and investment company, and took in millions of dollars from investors across the nation. Parish attracted investors with reports of high returns and profits, and projected himself as an extremely successful and wealthy fund manager. In fact, Parish had established a Ponzi scheme, paying off initial investors with money from new investors, and keeping a large portion of the money for himself. Parish hid the scheme from the SEC and investors by drafting and mailing false investment reports to them which stated that their investment accounts were profitable.

The Ponzi scheme was uncovered after SEC officials questioned the accuracy of reports submitted by Parish on the financial holdings of Parish Economics. While one report cited total assets for the company as amounting to $134 million, investigators determined that account balances were less than $250,000.00.

Parish used the investment funds to lavish himself with extravagant items, including luxury cars, watches and jewelry, diamond-encrusted pens, a $2 million dollar wardrobe, and more than $1 million in chartered jet service for trips and vacations.

Mr. Wilkins stated, “Mr. Parish stole millions of dollars from hundreds of people, and then used that stolen money to shower himself with luxuries, right in front of his victims. Mr. Parish can’t repay all the money he stole, but he will pay for this fraud with 24 years of his life in a federal prison, where he will be afforded only the basic necessities.”

The case was investigated by agents of the Federal Bureau of Investigation, the State Law Enforcement Division, the South Carolina Attorney General’s Office, and the Securities and Exchange Commission. The case was prosecuted by Special Assistant United States Attorney Charlie Bourne, formerly of the Charleston office, and currently an Assistant United States Attorney in the Southern District of Georgia, as well as Assistant United States Attorney Eric Klumb of the Charleston office.