Admitted swindler's victims testify

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.

Twenty of Parish's victims appeared before U.S. District Judge David Norton to describe how their lives were shattered by the swindle.

Marion Robertson of Johns Island said he invested his elderly mother's money with Parish and then tried to keep the news of his indictment from her. When she discovered her savings were gone, he said, her medical condition worsened.

"She died a year ago today. The stress got to her," he told the judge. Walking past the defense table, Robertson turned to Parish and said, "I hope you rot in hell."

Parish, a flashy dresser once known for a Web site depicting him as a superhero with a large "E" for "Economan" emblazoned on his chest, sat impassively in a conservative charcoal suit.

Earlier, a court-appointed receiver testified Parish's investors lost at least $66 million and the figure could reach $75 million.

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 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.

Norton ruled that under federal sentencing guidelines Parish faces from 24 years and four months to just over 30 years in prison.

Parish claimed he suffered from amnesia when the investigation broke last year, and he has recently been treated for heart problems. But Savage said Parish is competent to face sentencing.

Another victim, James Sineath, 68, said that because of his loss to Parish, he must continue working in real estate, even though he would like to retire.

"I liken Mr. Parish to a big fat spider — he weaves a web and he waits for the flies and the butterflies to some to him so he can eat them," he said. "I would ask you, judge, to squash the big fat spider."