Archive for Saturday, April 7, 2007

Professor accused of fraud, claims amnesia

April 7, 2007


— An economics professor known for his flamboyant suits and million-dollar pen collection claimed amnesia after federal investigators discovered about $134 million missing from several investment funds he managed, according to court documents.

The Securities and Exchange Commission said Al Parish and Parish Economics LLD provided false statements to his 300 investors indicating the five funds were trading profitably, when "in fact, brokerage accounts represented to hold millions of dollars of assets for the funds do not hold significant funds."

The SEC said after it attempted to contact Parish, "he checked into a local hospital claiming to have amnesia."

The Charleston Southern University professor reported dizzy spells and blurred vision while teaching March 29 and was taken to Trident Medical Center, The (Charleston) Post and Courier reported in Friday's edition. Five days later, the SEC filed its lawsuit.

School officials did not return phone calls to The Associated Press on Friday, and the hospital would not confirm that Parish was a patient. The newspaper reported that Parish remained hospitalized Thursday.


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