Name Al Parish | Role Economist | |
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CCL Press Conference from October 15 - pt. 1
Al Parish (born in the late-1950s) is a former Charleston Southern University economist, who was sentenced to federal prison after pleading guilty to financial fraud. Nearly 300 people lost up to $66 million invested in Parish Economic's private investment funds. Before being charged with fraud, Parish was known as a flamboyant local financial expert dubbed 'Economan', and was known for his $1.2 million pen collection, including a $170,000 diamond-encrusted pen. Included in the fraud was over $4 Million set aside for Athletic Facilities improvements at Charleston Southern University.
He began serving a 24-year sentence in the summer of 2008 after pleading guilty to orchestrating a Ponzi scheme, and was ordered to pay restitution of $66.8 million. Investigators believe they will recover $9–15 million for investors, but the investigation has cost more than $2 million.
He is serving his sentence at Butner Federal Correctional Complex outside of Raleigh, North Carolina along with inmates such as Bernard Madoff.