By Dan McCue

CHARLESTON -- A former professor and head of the evening division at Charleston South University is seeking certification as the lead plaintiff in a class action lawsuit against economist Al Parish and his investment companies.

Louis Mancuso, now a resident of Louisiana, accuses Parish of carrying out an intentional scheme to defraud investors through the auspices of Parish Economics LLC and Summerville Hard Assets LLC, both of which are owned and operated by Parish, and Battery Wealth Management Inc. of Mount Pleasant, a company for which Parish served as vice president until March 2007.

The case, Mancuso v. Parish, et al., was filed on April 9 in the U.S. District Court in Charleston. U.S. District Judge David C. Norton, who is presiding over an earlier civil action against Parish filed by the Securities and Exchange Commission, is also presiding in this case.

Parish stands accused by the SEC of bilking investors through a series of funds he ran and could be responsible for the disappearance of as much as $134 million.

Mancuso is being represented by the law office of James M. Griffin and attorney Richard A. Harpootlian, both of Columbia. 

Mancuso began investing with Parish in 2002 and, by 2007, his investment in pools operated by Parish exceeded $100,000, the complaint said. These investments included Mancuso’s IRA retirement accounts.

The former CSU professor is seeking compensatory damages, “extraordinary, equitable and injunctive relief,’ court costs and attorney’s fees.