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.[1][2] 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',[3] and was known for his $1.2 million pen collection, including a $170,000 diamond-encrusted pen.[4] 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.[5][6]
He served his sentence at Butner Federal Correctional Complex outside of Raleigh, North Carolina along with inmates such as Bernard Madoff.[7]
After serving about half his sentence, Parish was granted a "compassionate release" on March 17, 2021, due to a number of chronic health conditions and the risk of severe illness from coronavirus, according to an order by U.S. District Judge Richard Gergel.
Al Parish was released from federal prison on March 24, 2021. Records show Parish first filed his motion for compassionate release on April 10, 2020, saying the combined risk of COVID-19 and his chronic medical conditions, constituted extraordinary and compelling reasons for compassionate release. Initially, the request was denied – the court stating his chronic medical conditions did not meet the threshold requirements for compassionate release.
Parish moved for reconsideration and reported he had contracted the COVID-19 virus. After some back-and-forth, and discovering he was suffering from Stage 3B chronic kidney disease, the court later reversed its decision and allowed the release.
References
- ^ Smith, Bruce (5 October 2007). "S.C. economist pleads guilty in fraud". USA Today. The Associated Press. Retrieved 2009-09-29.
- ^ Stock, Kyle; Schuyler Kropf (26 June 2008). "Al Parish discusses the collapse of his investment empire". The Post and Courier. Archived from the original on 2010-11-19. Retrieved 2009-09-29.
- ^ "Economan: Superthief". American Greed. CNBC. Retrieved 2009-09-29.
- ^ Associated Press (9 November 2006). "College Professor Displays $170,000 Pen". San Francisco Chronicle. Retrieved 2009-09-29.[dead link]
- ^ Kropf, Schuyler; Kyle Stock (24 February 2008). "Parish's 4 homes expected to go quickly at auction". The Post and Courier. Retrieved 2009-09-29.
- ^ Stock, Kyle (27 July 2007). "Hunt for Parish's stuff cost nearly $13,000 a day". The Post and Courier. Retrieved 2009-09-29.
- ^ Owens, Andy (14 July 2009). "Al Parish, Bernie Madoff to be jailmates in N.C." Charleston Regional Business Journal. Retrieved 2009-09-29.
External links
- Parish Economics website in June 2006, featuring the 'Economan' cartoon.
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This page was last edited on 5 June 2022, at 03:19