Investors that were bilked out of hundreds of thousands of dollars from a now jailed economist will get a first look at how the recovered money will be distributed.
Out of the 600 investors and $66 million that former economist and Charleston Southern University professor Al Parish bilked, the ones that received little or nothing back from the Ponzi scam will be first to gain some of their money back.
The Post and Courier of Charleston reported that some of these investors could receive as much as 25% of their initial investments back, but a hearing on this plan is not expected to begin until July. The cash will come from the proceeds of the auction held last year on Parish’s assets; including his homes, property, and old collectibles, totaling between $8 million and $9 million.
The recovery plan was filed in federal court this week, and at the same time, Parish’s appeal was denied. He was appealing his 24-year sentence, saying that it did not compare to other white collar cases of his kind. The investors should receive letters in the mail explaining the proposal on their reimbursement checks next week, they will have until June 1 to file an objection. Investors who withdrew money early, or already received payouts from Parish may not see any additional funds.