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Al Parish sentenced to more than 24 years in federal prison
By Scott Miller
Staff Writer
Al Parish was taken into custody for his own protection Thursday afternoon after being sentenced to 292 months in federal prison — the minimum under sentencing guidelines — for scamming hundreds of investors out of millions of dollars.
“I’m not concerned about him hurting anyone. I’m not really concerned about him fleeing. I’m worried about him hurting himself,” U.S. District Judge David Norton said. “It’s no longer theoretical; it’s a reality.”
Speaking to the court before the sentence was handed down, Parish said he would never be able to make restitution to all of the people who invested in his funds no matter how long he lived.
“I know some may never believe this, but I never intended to do this,” Parish said. “My purpose in investing these funds was to receive a return for my clients.”
Parish said he should have taken more care and put more thought into the investments he was making, acknowledging that diamond-encrusted pens, gnome figurines and cartoon art might not have been the best choices for investing his clients’ money. Parish said he would continue to work with the receiver to recover as much money as possible.
Parish said he had no way of understanding the effect his decisions had on investors, but he said he did understand how his actions had affected his own wife and children.
“I am tremendously disappointed in myself and horrified by these results,” Parish said.
Earlier in the day, the judge heard a presentation on Parish’s medical history, as well as testimony from investors.
After speaking to the judge, one investor turned to Parish and said, “You suck.” Another investor told Parish, “I hope you go to hell.”
U.S. Attorney W. Walter Wilkins said after the sentencing that he was pleased with the judge’s decision. Because no parole exists for federal crimes, Parish is guaranteed to serve at least 85% of his sentence, Wilkins said. He could receive time off of his sentence for good behavior. Parish has 10 days to appeal the sentence.
“Be careful. White-collar crime is out there,” Wilkins said. “Buyer beware.”
During the proceedings, which took place at the federal courthouse on Meeting Street in Charleston, the former economist sat, arms crossed, showing no reaction. He did watch as several investors left the courtroom after giving testimony.
Parish’s attorney, Andy Savage, tried to distance the sentencing from the emotional testimony of investors. Savage called Parish’s continual purchases a disease and said he was stricken by the “opening-the-box thrill.”
He also suggested that people took advantage of Parish, selling him items that weren’t worth what he paid or didn’t increase in value. Savage said once they saw Parish, they knew he would be an easy target.
In addition to offering evidence about Parish’s diminished medical condition, Savage said other fraud cases with similar losses have resulted in sentences of one to eight years.
Federal prosecutors and investors had urged the judge to sentence Parish to at least 30 years in prison.
Marilyn Powell lost $48,000 in Parish’s investment scheme. Outside the courthouse Thursday, she said she was promised a large return on her investment and that she needs the $12,000 a year she lost.
“He took four years of my life, and I want it back,” she said. “I should have known there are no large returns on anything.”
Parish pleaded guilty Oct. 5 to three federal charges of securities fraud related to a Ponzi investment scheme that in the course of a decade raised $112.5 million from as many as 650 investors. Federal sentencing guidelines called for between 292 and 365 months behind bars.
Parish, 51, has an array of physical ailments, including coronary artery disease and Type 2 diabetes. He was released from the Medical University of South Carolina during the weekend after undergoing a procedure to clear a blocked artery.
Savage had said earlier in the week that he would request that Parish serve at the Federal Medical Center of the Butner Federal Correctional Complex near Raleigh, N.C. The medical center houses about 900 inmates of all security levels, according to the Federal Bureau of Prisons Web site.
Read more about this story in the July 7 issue of The Charleston Regional Business Journal.
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