Swindler sentenced to more than 24 years

CHARLESTON — An economist who admitted swindling hundreds of investors was sentenced Thursday to more than 24 years in prison and ordered to repay millions of dollars he stole from his unsuspecting clients.

Al Parish, a former Charleston Southern University professor, stood silently with his hands behind his back during the hearing.

Parish pleaded guilty last year to two counts of fraud and one count of lying to investigators. Under federal sentencing guidelines, he faced from 24 years and four months to just over 30 years in prison.

"I am tremendously disappointed in myself and horrified at these results," Parish told U.S. District Judge David Norton.

"If I could turn back the clock I would never have gotten involved in investments in the first place," he said. "I would have stayed with teaching which I love."

Twenty of Parish's victims appeared before the judge describing how their lives were shattered by the swindle.

Marion Robertson of Johns Island said he invested his elderly mother's money with Parish and then tried to keep the news of his indictment from her. When she discovered her savings were gone, he said, her medical condition worsened.

"She died a year ago today. The stress got to her," he told the judge. Walking past the defense table, Robertson turned to Parish and said, "I hope you rot in hell."

Parish, a flashy dresser once known for a Web site depicting him as a superhero with a large "E" for "Economan" on his chest, sat impassively during the hearing in a conservative charcoal suit.

Norton ordered Parish, who started running his investment firm in the early 1990s, to repay $66 million investors lost.

"I kind of believe you when you say you didn't intend for this to happen. I can buy that in the early days," the judge said.

But he noted that last year, about the time the investigation broke, Parish took $175,000 from a woman and her husband.

"You knew there was no way they were going to get their money back," Norton scolded. "That was intentional."

A court-appointed receiver testified Parish's investors lost at least $66 million and the figure could reach $75 million.

Greg Hayes testified 487 investors filed claims for $80 million. He expects only about $6 million will be recovered once all assets are liquidated. Hayes said about 200 claims are still left to review.

Prosecutors said Parish spent the money on homes, diamond-encrusted pens and guitars once owned by rock stars like Jimi Hendrix.

Defense attorney Andy Savage said some of the investors' money went to vendors who Parish overpaid for artwork and sculpture.

"When he walked into the vendors, they saw him coming," Savage said. "He was a buffoon when it came to purchasing these hard assets."

Parish said he suffered from amnesia when the investigation broke last year, and he has recently been treated for heart problems. But Savage said Parish was competent to face sentencing.

During the hearing, victim James Sineath, 68, said that because of his loss to Parish, he must continue working in real estate, even though he would like to retire.

"I liken Mr. Parish to a big fat spider: He weaves a web and he waits for the flies and the butterflies to come to him so he can eat them," he said. "I would ask you, judge, to squash the big fat spider."

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