Economan
Al Parish: economics professor, trusted advisor. He gains fame in Charleston, SC as a homegrown financial guru and local celebrity. But the self-proclaimed "Economan" is the suspected mastermind behind an $80 million investment scam.
"American Greed: Economan: Superthief" premieres Wednesday, February 18th at 9p | 1a ET.
Rags to Riches
Long before Al Parish swindled millions of dollars from investors, he was a kid growing up by a salt creek just outside of Charleston. Parish came from humble beginnings, with a father who was a truck driver and a mother who taught at the local school.
Years later, Parish would become the celebrity financial advisor of Charleston.
The Investors
Arnold Hite is looking for a place to invest his money and hears about Parish's investment fund. Hite's wife receives a small inheritance from her grandfather. The couple invests with Parish. Arnold Hite: "My friend told me he was getting rates of return that were about 2% points better than he could do anywhere else."
The Investors
The sale of his mother's property nets Marion Robertson $650,000. He also has to manage her bank account. Robertson decides to sign on with acclaimed financial advisor Al Parish, whose services went above and beyond those of the typical money manager. Robertson was told by Al "he would take care of paying all mama's bills... the light bill…insurance on the house…the taxes."
The Lifestyle
As Al Parish's client list grows... so does Parish's lifestyle. He's getting rich quick and it shows.
Parish takes extravagant trips, purchases cars, jewelry and toys.
The Collection
Parish had a quirky taste in collectibles, buying items like sixteen clown paintings by comedian Redd Skelton.
The Con
By 2007, 600 investors have signed on with Parish. Clients rave about the financial wizard posting incredible 30% returns. But a routine S-E-C check of high-grossing investment advisors raises a flag. Suspicions mount. Is Parish's $134 million investment program a fraud?
As federal authorities close in, Al Parish claims he can't remember a thing.
The FBI Agent
FBI Special Agent Frank Worrell believes Al Parish faked amnesia after he realized his Ponzi scheme was collapsing around him. Worrell believes the lost of memory was just another lie…like Parish’s statement to the S-E-C that he has $134 million in the bank when bank records showed he had less than a million dollars.
On the Case
Assistant U.S. Attorney Kevin McDonald says Parish blew client money on clothing, private jet trips and custom cars.
The Verdict
Al Parish arrives at Charleston County Jail after being accused cheating 600 investors out of $80 million dollars. Parish also swindled $10 million from Charleston Southern University, where he used to be a respected economics professor.
Parish was eventually convicted and sentenced to 24 years in prison. He's currently serving time in Butner, North Carolina. His earliest parole date is 2029.
"American Greed: Economan Superthief" premieres Wednesday, February 18th at 9p | 1a ET.
Find out more...
- Replay Slideshow
- Review the "Economan Superthief" case file
- Visit the "American Greed" website
- Watch Video: What Al Parish Bought