Missing Money: Fund Manager Claims Amnesia
Looking for truth and honesty on Wall Street?
It is tough to find. Especially when the people you entrust with your money fudge their performance numbers and then catch a nasty case of amnesia.
COLUMBIA, S.C. – 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 on 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.
I have been on the street a long time and I can’t remember anything like this one...I just can’t recall. People who work on Wall Street too long usually get dementia. Maybe Al is just losing it after fighting the tape…
Parish was known in Charleston to cut a flashy figure in his colorful suits and offered investment tips at speaking engagements. He offered regular economic forecasts for the Charleston Area Metro Chamber of Commerce and wrote periodic columns for The Post and Courier. In November, Parish purchased a diamond-studded fountain pen worth $170,000. He put it on display at a Charleston store along with others from his $1.2 million pen collection. AP
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