Parish sentenced to 24 yearsDefense focuses on former economist's declining health during sentencing By Kyle Stock
The Post and Courier
Friday, June 27, 2008
Video
The Post and Courier reporters Kyle Stock and Schuyler Kropf interviewed Al Parish a day before he was sentenced in Federal Court to 24 years and 4 months. Watch » Video
This is part 1 of a 5 part interview of Al Parish a day before he was sentenced in Federal Court to 24 years and 4 months. Watch » Video
This is part 2 of a 5 part interview of Al Parish a day before he was sentenced in Federal Court to 24 years and 4 months. Watch » Video
This is part 3 of a 5 part interview of Al Parish a day before he was sentenced in Federal Court to 24 years and 4 months. Watch » Video
This is part 4 of a 5 part interview of Al Parish a day before he was sentenced in Federal Court to 24 years and 4 months. Watch » Video
This is part 5 of a 5 part interview of Al Parish a day before he was sentenced in Federal Court to 24 years and 4 months. Watch » Related storyAl Parish, the self-titled "Economan" known for his clownish suits and hollow financial wizardry, was sentenced Thursday to 24 years and four months in prison for an investment scheme that pilfered at least $66 million from roughly 600 investors. Parish received the minimum sentence under federal guidelines. He could have been sentenced to more than 30 years. The penalty could be a life sentence for the unhealthy and obese former economics professor. Parish, 50, told The Post and Courier on Wednesday that he expects to die within the next 10 years. Chief Judge David Norton, who also ordered Parish to pay $66 million in restitution, said that he could have believed that Parish did not intend to defraud people when he started investing for others more than a decade ago. But the judge noted that in late March 2007, while Parish was being investigated by the Securities and Exchange Commission, he accepted a $175,000 check from an elderly couple that he had known since childhood. "You knew at that time it was over," Norton said. "And you still took that money." Parish immediately was taken into federal custody and put under what is essentially a suicide watch. His attorney said that Parish likely was bound for the Charleston County Detention Center. With credit for good behavior, Parish could reduce his sentence to nearly 21 years. "I'm concerned with him hurting himself," Norton explained from the bench. Assistant U.S. Attorney Charlie Bourne argued that Parish's "informal pools" of investments were nothing more than slush funds, siphoned to bankroll a lavish lifestyle that included $4,000 suits, purple sports cars, chartered jets, massive charitable gifts and whopping hotel bills from Las Vegas to Ireland. "Spending investor money recklessly, foolishly — that's what he did," Bourne said. Parish's defense lawyer, Andy Savage, argued that Parish was simply "a buffoon" and was in over his head when it came to investing, not a traditional con-artist. Some 17 fraud victims stepped to the podium and implored Norton for a stringent sentence in testimonies punctuated by tears and angry tirades. "I equate Mr. Parish to a big, fat spider," said James Sineath, a 68-year-old investor. "His web was his standing in the community, his education, the place where he worked, the outstanding publicity that he got from the Trident Chamber of Commerce. … I ask you judge to squash the big, fat spider." Arnold Hite, dean of Charleston Southern University's business school, said that he felt responsible for the losses of many because he referred friends, family and even his congregation to Parish, his former colleague. Parish's attorneys focused on his mounting health problems, calling to the stand a nurse who detailed his obesity, diabetes and advanced heart disease. Parish's father, grandfather and great-grandfather died before age 60 from heart disease. Savage also leaned on the testimony of Herbert Hoelter, a renowned sentencing consultant who has weighed in on many high-profile criminal proceedings. Hoelter, who co-founded the nonprofit National Center on Institutions and Alternatives, said that the average prison sentence in comparable, white-collar fraud cases was just over six years. Bourne questioned the accuracy of Hoelter's report, noting some recent fraud cases in which criminals were sentenced to hundreds of years in prison after Congress increased the penalties on white-collar crime in 2002. Parish showed little emotion during the day-long proceedings. Few people spoke with him during breaks, although three of his pastors and several friends and family members were in attendance. In a final statement just before the sentence was read, Parish begged his investors for forgiveness and the judge for leniency. "I am tremendously disappointed in myself and horrified in these results," he said. "If I could turn back the clock, I never would have gotten involved in the investment business." Parish's Ponzi scheme unraveled in March 2007 when the SEC audited Battery Wealth Management, a Mount Pleasant money management firm that pitched Parish's pools. He was charged in April, and he pleaded guilty in October in a deal that lowered his fraud charges from 10 to three. Investigators cataloguing and liquidating the spoils of Parish's investment empire likely will recover between $9 million and $15 million. However, the "treasure hunt" is ongoing and already has cost more than $2 million. |
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Comments
This article has 50 comment(s)
Posted by whalernut on June 27, 2008 at 4:53 a.m. (Suggest removal)
I bet he dies in there but we will see. I almost bet he evades or commits suicide.
Either one will be fine.
Posted by follygirl on June 27, 2008 at 6:50 a.m. (Suggest removal)
What a crybaby, he may die in jail. Why didn't you spend some of that money for gastric bypass, maybe your health would be better. Shame on you, you deserve every day you get and more. I am so sorry for the investers.
Posted by wonderdog on June 27, 2008 at 7:07 a.m. (Suggest removal)
Look at him; every health problem he has is self inflicted and the result of gluttony. We are told he may die in prison....is anybody upset about that?
His wife said he was never home anyway because he was "working". No, moron, he was robbing people - he just did it without a gun.
Posted by Tulane75 on June 27, 2008 at 7:14 a.m. (Suggest removal)
By what twisted logic does the Al Parish case morph into a discussion of Joe Riley? Intellectual honesty and logic should still be a part of what you say or write.
Write a letter to the editor or work for Mayor Riley's opponents, but every article posted electronically should not be read as an invitation to attack Joe Riley, just because you have a thing for him. It makes about as much sense as using this article as an excuse to complain about the designated hitter rule. The again, why would logic or common sense come into play?
Then follygirl makes fun of Parish's appearance, as if that has anything to do with his criminal activities.
Posted by Tammie on June 27, 2008 at 7:18 a.m. (Suggest removal)
Parish said on his interview with Warren Peper last night that if they had let him out, he would work off whatever her owed but he knew he'd never be able to pay them off. Those people trusted you once Al, do you think people would be foolish enough to trust you again?
Posted by watchfuleye on June 27, 2008 at 7:39 a.m. (Suggest removal)
Who would trust and hire AL anyway, would you. Prison, a strict prison is his due. Do the crime, do the time. He had these ailments when he was defrauding people and eating in Ireland, let him deal with his health issues when he is in "Ironland"
Posted by gamecockwoman on June 27, 2008 at 7:47 a.m. (Suggest removal)
Big Deal! He'll spend 3 years lying around on his fat butt in some federal resort then he'll be out while those whom he conscientiously robbed have lost their money forever. I can't believe they had somebody testify about the adverse affects of his obesity! Why doesn't the fat pig just stop eating! Obviously his crime hasn't affected his appetite. He should be on bread and water on a chain gang somewhere. Our justice system is such a waste.
Posted by Tammie on June 27, 2008 at 7:48 a.m. (Suggest removal)
Watchful, in watching his interview last night...he is DELUSIONAL!! Warren Peper DID ask Al who he think would give him a job, Al said "I could get a teaching job, I could get a job with an investment firm..." Al, come back from Narnia honey. He probably couldn't get a job operating rides at Hard Rock Park.
Posted by SuzieQJones on June 27, 2008 at 7:56 a.m. (Suggest removal)
It appears that Mr. Parish is trying to eat himself to death, he seems to have gained around 100 pounds during the past year. Such a mess, all of this. Statements in court concerning this theft were hearwrenching.
Posted by msplacedinsc on June 27, 2008 at 8:01 a.m. (Suggest removal)
So long Al, I will pray everyday that each day your in prison is more difficult than those you stole from.
Posted by robert8096 on June 27, 2008 at 8:04 a.m. (Suggest removal)
gamecockwoman
Under Federal guide lines he must serve 85% of his sentence before he is eligible for parole.
Posted by watchfuleye on June 27, 2008 at 8:12 a.m. (Suggest removal)
You are right Tammie, he is DELUSIONAL and ARROGANT and NAIVE, but none of those failings should ever dismiss the fact that he knowingly and willfully committed criminal acts, so AL you lied, you cheated, you defrauded, you got caught, now you get punished.
Posted by gamecockwoman on June 27, 2008 at 8:13 a.m. (Suggest removal)
Thank you, Robert - still, he should be on a chain gang somewhere where he will slim down and get healthy while doing something meaningful. He will be in some federal prison camp, like all the fed white collar boys, on a special diet, private room with tv, unlimited visitors, library, etc, while his victims are worrying themselves into early coronaries. There is no justice here, still.
Posted by RTC on June 27, 2008 at 8:23 a.m. (Suggest removal)
I think everyone pretty much knew that he wouldn't get the maximum.
It doesn't matter how much time he serves, as he will never be able to undo the harm that he has inflicted on the people who placed their trust in him.
I am particularly angry concerning the elderly people from whom he stole. They are such an easy target for con artist like Parish.
I hope his victims can recoup at least some of their losses and put this behind them. They have all learned a most unfortunate lesson.
Posted by JAMJOH on June 27, 2008 at 8:31 a.m. (Suggest removal)
Who cares if he "slims down" or not, let him do whatever he wants. He's going to be in prison for the next 20 years at least. It wouldn't bother me if he made it out or not. Do you really think a guy like that is going to hold up well in prison anyway?
Posted by truthseeker on June 27, 2008 at 8:36 a.m. (Suggest removal)
Hopefully the Chamber can hire Al to do their work while he is in jail. Apparently the Chamber of Commerce wrote up a nice letter to the judge praising Al's economic forecasting abilities.
I wonder why the Chamber caters to criminals like Al - rather than standing up for ethical honest business dealings?
Posted by Weeeee on June 27, 2008 at 8:56 a.m. (Suggest removal)
McDonald's would hire him. You see how much booty he got.
Posted by SCHoser on June 27, 2008 at 10:27 a.m. (Suggest removal)
Ah, who knows...maybe he'll get amnesia again and forget he's in prison.
Posted by SC_Leigh on June 27, 2008 at 10:49 a.m. (Suggest removal)
How long until Yolanda Yoder remarries?
Posted by JC on June 27, 2008 at 10:54 a.m. (Suggest removal)
Like most judges, Judge Norton was too lenient. Parish is one of the worst kinds of felons. He had hundreds of victims, not just one or two. A robber of a store would get more than 24 years and he has only one victim...Parrish...many. Norton is yet another judge that needs to go for listening to these woe is me sob stories to get light sentences.
Posted by gamecockwoman on June 27, 2008 at 11:14 a.m. (Suggest removal)
JC-remember, Norton and Savage are old buddies - you know, scratch my back.....
Posted by sbs920 on June 27, 2008 at 11:15 a.m. (Suggest removal)
Poor Fat Al-bert
I guess he won't get to wear the froggy cuff links in prison.
Wouldn't go with his new orange jumpsuit anyway. . .
Posted by watchfuleye on June 27, 2008 at 11:17 a.m. (Suggest removal)
JC, you are correct about many victims, but remember he was originally charged with 11 counts of fraud and plea bargained down to 3 counts, convicted on 11 counts and minimum sentence would have been almost 4 times greater, which is the real sentence he should serve
Posted by kerwin1959 on June 27, 2008 at 12:15 p.m. (Suggest removal)
I've just been able to read the article and watch the interview. I couldn't even watch 10% of it; his arrogance and lack of remorse infuriates me, and I didn't even have any money invested by him. I can only imagine the heartache and utter nightmare his victims have had to absorb. I hope they don't send him to "Club Fed". I wish he'd be sent to a maximum security facility. That type of location would answer many of these victims prayers.
Posted by UrGatorbait on June 27, 2008 at 12:18 p.m. (Suggest removal)
Tulane there are 2 rules on here according to uber-patriot Thomas and his S-Troop followers, it's either the fault of illegals or Joe Riley. You'll get minimal to none of anything resembling intellectual honesty let alone logic around here Tulane. I digress before I start.
Any who Parrish deserves what he gets. I have no sympathy for him his health problems are of his own doing it appears. White collar crime in this instance is worse than property crimes by run of the mill criminals. A life time of hard work and savings down the drain for many elderly who are especially gullible to such schemes. As a caveat, does anyone know if his offerings of big returns on investments could have carried the "To good to be true label"?
Posted by chucktonian on June 27, 2008 at 12:34 p.m. (Suggest removal)
my God. look at you people. a scumbag finally gets what he deserves and all you can do is display your ignorant fatism. I hope you have no personal failings.
and while everybody obsesses about race relations this year, perhaps they should look in the mirror and realize the fact that discriminating against people of size is just as bad.
Posted by gamecockwoman on June 27, 2008 at 12:38 p.m. (Suggest removal)
Chuckster - no one is discriminating against fat people - just sick of his trying to make his health problems, brought on by his own gluttony, an excuse not to get the punishment he deserves. Sorry if you're offended, but people of size who end of with health problems related to their obesity have no one to blame but themselves because no one forces them to overeat. Pure and simple, just like no alcoholic or drug addict is forced to imbibe. Sometimes, truth stings.
Posted by drp7773 on June 27, 2008 at 12:52 p.m. (Suggest removal)
And yet all he gets is the minimum sentence.66 million and he will be out on good behavior when??? also what prison will he be going to I bet its not Leiber..Ruined how many lives and now we are supposed to feel sorry for him, and there is no way you going to tell me that he and his wife does not have money hidden somewhere..
Posted by lulu08 on June 27, 2008 at 2:08 p.m. (Suggest removal)
My heart goes out to everyone involved in this tragedy; including Mr. Parish and his family. I watched an interview with him and Warren Pepper recently and saw that he was quite repentant and contrite for what he had done. He doesn't seem like a bad man; just someone who got in over his head and wasn't honest enough to say "no I can't" or "I have limitations". My heart goes out to the people who invested their hard earned money for his ventures, but he did say that they came to him and he did not solicit them. We all have to be careful who we trust with our money these days, even the banks. However, everyone deserves a second chance once they serve out their punishment; and we ALL make mistakes. Thank heavens not all of our mistakes/the big ones can be displayed before the world. I hope that he will consider writing a book to atone and explain what happened and will use the procedes to first pay back his investors and use the rest to take care of his four innocent little children, who will shamefully inherit his legacy and be without a dad. God bless all of us and I hope that people can see that he's really sorry. If we can forgive Thomas Ravenel for bringing drugs into our community, and I'm a regular tax paying citizen who's never met either of these people and I forgive them, surely we can forgive Mr. Parish as he pays back his debt to society as well.
Posted by ccfromsc on June 27, 2008 at 2:13 p.m. (Suggest removal)
Lets look at is this way: 24 years $80,000,000 makes about $3.3 million a year... And who says crime does not pay.
What no one has mentioned is that cause there was no "violence" in this scam, he can get out even earlier! I say he will be out in 6-8 years. And the one person is right.. one person robs a person or a bank and ends up with this sentence, yet Parish rob hundreds of people...and only this? I wonder how much the judge got?
Posted by SCHoser on June 27, 2008 at 2:22 p.m. (Suggest removal)
That's a crock lulu!!! Forgiveness is not up to us at all, so that's out of our hands to begin with. This man did not "get in over his head" by any means-he lied, stole and cheated people out of their life savings! His one time side kick even said that near the end, Al was STILL taking people's money. He knew the deal, he knew what he was doing all the way. You don't mistakenly buy closets full of $4,000.00 suits, hotel rooms around the world, a purple Jag...the list goes on and on. This man is a thief, plain and simple. I feel for his kids, but to hell with him! The only thing he is sorry for is he got caught. Amnesia my butt! BTW-it's not greed when people invest money, it's called doing the smart thing! Who here does not want their money to grow? If it wasn't for people investing, most of us wouldn't have jobs and lots of other things that life has to offer. Money, believe it or not, is still what makes the world go round....
Posted by GeecheeBoi84 on June 27, 2008 at 2:29 p.m. (Suggest removal)
chucktonian: "and while everybody obsesses about race relations this year, perhaps they should look in the mirror and realize the fact that discriminating against people of size is just as bad."
yes and no... mainly no, because people of the most tremendous girth can still work it off or pay it off... The same can't be said of color or ethnic origin...
Posted by SC_Leigh on June 27, 2008 at 2:30 p.m. (Suggest removal)
lulu08, He is sorry, sorry he got caught. His remorse is only for himself. It is only naive to think he was over his head, or couldnt say no. He knew exactly what he was doing and continued to do it for years and would still be doing it if he had not gotten caught. and yes we have all made mistakes/have problems but they arent illegal and don't rob innocent people of their life savings. As as far as forgiving Thomas Ravenel, he was not selling drugs to children or directly harming anyone else. The situations can not be compared at all.
Posted by geekguy2008 on June 27, 2008 at 3 p.m. (Suggest removal)
Chucktonian, sounds like YOU need to go on a diet yourself. No amount of 'fantasy crap' will change the fact of science= more calories IN than out WILL produce weight gain.
The truth does hurt, doesn't it?
Posted by Smart_Enough_2_Know_Better on June 27, 2008 at 3 p.m. (Suggest removal)
Chucktonian: Discriminating against a fat-ass like Al (or a "person of size", as you would call him) isn't even CLOSE to the same thing as discriminating against someone based on their race.
Follow your own advice, in fact- eat healthy and in moderation, get some exercise, and then look in the mirror to see how much your skin color changed.
With the possible exception of Michael Jackson, most people can't change their race. But many could put down their fork and push away from the table- assuming their arms can still reach out farther than their bloated bellies. They just choose not too.
Posted by CNN_10 on June 27, 2008 at 3:12 p.m. (Suggest removal)
His fat azz need to lose weight anyway in prison. He got what he deserved fat f---
Posted by Tammie on June 27, 2008 at 3:13 p.m. (Suggest removal)
"With the possible exception of Michael Jackson, most people can't change their race."
Thanks for making me laugh really damn hard!
I think Al is getting picked on for his "succulence" because swindling people out of all of those millions, no matter how hard his family said he worked, he didnt miss a meal. EVER. And it was probably at the investors' expenses. I didnt speak on his weight until now but I bet he lactates gravy.
Posted by Mayor on June 27, 2008 at 3:34 p.m. (Suggest removal)
Those that own his life insurance, worth many millions, will get their cash in 6 months.
That jackass can't last. Let's get a pool going!
Posted by Tammie on June 27, 2008 at 3:38 p.m. (Suggest removal)
Mayor, it wouldnt surprise if King Succulence offed himself in jail.
Posted by Weeeee on June 27, 2008 at 4:24 p.m. (Suggest removal)
They wouldn't get anything from that then. Most (if not all) life insurance policies are null and void if suicide is the cause of death.
I was thinking more like maybe he'll choke on a chicken bone or something. But, on the other hand, probably not. His neck is bigger than my leg.
Posted by SC_Leigh on June 27, 2008 at 4:26 p.m. (Suggest removal)
I have already discussed this among friends, I give him until 2010.
Posted by watchfuleye on June 27, 2008 at 4:27 p.m. (Suggest removal)
The "receivers" handling the sale of his assets may have stopped paying the large premiums on his insurance policies, check out some of the past P&C articles. Want more interesting reading Look up Samuel Israel III and his fraud scheme and sentencing and flight for jail.
Posted by watchfuleye on June 27, 2008 at 4:29 p.m. (Suggest removal)
most insurance policies do not pay for suicide if within the first 2 years, any suicide after 2 years IS PAID
Posted by glevans on June 27, 2008 at 4:34 p.m. (Suggest removal)
ummmm....do you think they will have one of those lovely orange jumpsuits big enough to fit him? I DON'T THINK SO! He deserves WAY more then 24 years for what he did to all those people that trusted him with their money. Now tax money has to go to support him for the next 24 years in prison? What is the point to that? Well like others on this board have said....hopefully he won't live that long....what a moron!
Posted by one6thfish on June 27, 2008 at 4:44 p.m. (Suggest removal)
Mr Parish got his due, but those he duped brings to mind that old proverb with one word added. A 'greedy' fool and his money are soon parted.
Posted by tracy1750 on June 27, 2008 at 5:13 p.m. (Suggest removal)
one6thfish, I don't think those people were being greedy. They were trying to do what we all try to do, make our money grow, save for retirement and leave something to our children. Thanks to him that is gone for so many.
Posted by GG on June 27, 2008 at 8:36 p.m. (Suggest removal)
I hope he gets his "DELIVERANCE" now in jail..."Here, piggy piggy."
Posted by lillycollette on June 28, 2008 at 2:27 a.m. (Suggest removal)
*
Posted by hartley8184 on June 28, 2008 at 5:48 a.m. (Suggest removal)
There's no justice in this country. What a joke. Financial crimes like this merit the death penalty without a doubt. It's the only real way to discourage them. Prison means nothing because the time is easy and shortened by parole. We need to stop treating frauds as severe as this like shoplifting dresses at Belks. But, then again, if the Supremes can't bring themselves to impose death for child rape, then there isn't a prayer for this crime.
Posted by hartley8184 on June 28, 2008 at 5:52 a.m. (Suggest removal)
one6thfish: "Mr Parish got his due, but those he duped brings to mind that old proverb with one word added. A 'greedy' fool and his money are soon parted."
Stop adding words to the Bible. The verse doesn't say "greedy" and your addition of that word contradicts what the Bible teaches as a whole. The wise man/woman saves his money and invests it. The wise man seeks to build an inheritance for his children. That's not greed. Perhaps they were foolish to choose this man as an agent, I don't know the details. But, trying to save doesn't make them greedy.