Summerville, SC – On April 17, 2007, the U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against Albert E. Parish Jr. and his company, Parish Economics, LLC, alleging a significant investment fraud scheme. The case was filed in the U.S. District Court for the District of South Carolina before Judge David C. Norton.
The CFTC alleges that Parish and Parish Economics offered and sold interests in four investment pools, including one called the “Futures Pool,” which was purportedly invested in commodity and stock futures. Beginning in January 2003, the defendants are accused of misrepresenting the total value of the investment pools and, specifically, the Futures Pool. They allegedly inflated the reported value to attract and retain investors.
According to the complaint, Parish and his company falsely claimed on their website, www.parisheconomics.com, and to an Investment Advisor that the total value of all investment pools was approximately $134 million as of the end of 2006. They further stated the Futures Pool alone held a value of around $52 million. However, the CFTC claims that as of February 28, 2007, the defendants only held approximately $120,000 in three open futures accounts.
The complaint details that fabricated account statements were provided to at least three Futures Pool participants, falsely reporting a pool value of at least $407,243.93 at the end of 2005, $645,181.40 at the end of 2006, and $970,299.88 as of February 28, 2007. The CFTC asserts that the actual value of the Futures Pool assets never exceeded $150,000 since January 1, 2005.
Additionally, the CFTC alleges that Parish and Parish Economics failed to register with the agency and did not operate the Futures Pool in compliance with federal regulations. The CFTC is seeking permanent injunctive relief, restitution for defrauded customers, repayment of any ill-gotten gains, civil penalties, and a permanent prohibition against engaging in commodity trading. The U.S. Securities and Exchange Commission and the United States Attorney’s Office for the District of South Carolina assisted in the investigation.
Source: CFTC.gov
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