Admitted swindler's victims testify

[devilgrrl]

There are no doubt many on this board who think people who fall to predators like Mr. Parish had it coming to them - this is for them....



CHARLESTON, S.C. - Victims of a former economist who admitted swindling hundreds of investors testified through tears Thursday that he ruined their lives, including one who said his mother died after learning her savings were gone.

Al Parish, a former Charleston Southern University professor who admitted he swindled investors out of tens of millions, was in court for sentencing after pleading guilty last year to two counts of fraud and one count of lying to investigators.



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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.

Another victim, Lyn Watson of the Columbia, S.C., area, said she suspects there are more victims and even greater losses.

"I know individuals who because of their profession or because of what this has done to them or their status in the community they will never come forward and they will hope you never find the record," she told the judge.

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

Prosecutors want Parish sentenced to 30 years but defense attorney Andy Savage argued that the money recovered should be subtracted from the total loss, reducing Parish's possible sentence.



more: http://enews.earthlink.net/article/nat?guid=20080626/48631440_3ca6_1552620080626702637155


http://parisheconomics.com/

:popcorn: