Ex-college professor to SC to plead guilty, the State Tax With Bruce Smith - Associated Press Writer
A flamboyant South Carolina economist admitted defrauding investors of millions to plead guilty next week to a state charge of securities fraud, his lawyer said Thursday.
Al Parish, a former Charleston Southern University professor with a slight preference for sports coats and expensive cars, pleaded guilty during the past year, several federal fraud found on taxes and investigators.
His lawyer, Michael Savage, said Parish faces between 30 years and life on these taxes and should be sentenced in June.
Parish, under house arrest since November, before the court Monday to plead guilty to state charges, with a maximum of 10 years, “said Savage.
Under a plea agreement, judges are recommend any prison time is served at the same time as a federal government.
Currently, last month by the designated beneficiary to justice estimated at some 470 investors Parish lost between $ 60 and $ 80 million. Savage, on Thursday, the final figures may be closer to $ 50 million. Previous estimates so high as $ 90 million.
Parish, during the past year has met with a plea with the Confederation of prosecutors, who said he spent money to any investor in a Jaguar and purple diamond encrusted pins on a guitar once in possession of Jimi Hendrix.
Savage said the sentencing was delayed for a report to U.S. District Judge David Norton.
“It is an unusual information is not for a presentencing report from the prosecution agency, but only from receiving,” he said. “There have been some problems with it and the fact that in the course., Que loss figure is always a moving target.”
Affirms Parish, amnesia, if the investigation has erupted there over a year. A psychiatrist said, when the condition has been induced by stress and now has his memory improved.
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