Bail hearing set for former economist

Thursday, 24 May 2007

Page 1 of 2 Al Parish By Dan McCue CHARLESTON -- Standing before a courtroom filled with family, supporters and business associates, former investment counselor and Charleston Southern University economist Al Parish Wednesday morning pleaded not guilty to federal charges that he had bilked nearly 600 investors of close to $50 million. His attorney, Andrew Savage, also laid the groundwork for Parish’s release on bond, perhaps as early as next week. Savage asked federal Magistrate Judge George C. Kosko to reconsider the court’s previous denial of bail in the case, saying that the questions that had prompted Parish’s incarceration April 12—questions about his client’s mental condition and concerns that he had secreted away investors funds and was therefore a flight risk—have been resolved over the past six weeks. In response, Kosko asked that Savage and federal prosecutor Carlton Bourne meet as quickly as their schedules permit to collaborate on a document laying out the agreed upon outstanding issues in the case. He also asked Savage to immediately file a copy of the complete psychological evaluation that had been performed on Parish by a team of forensic psychiatrists at the Medical University of South Carolina. The judge has scheduled a hearing on Savage’s motion to reconsider the denial of bond for 10:30 a.m. May 30. Parish was arraigned on 11 federal criminal counts, including wire and mail fraud, and providing false statements to a federal official. He also faces an additional five federal civil counts stemming from his alleged fraudulent management of several hedge funds. If convicted on all the criminal charges the once flamboyant economist faces up to 205 years in prison and penalties of up to $2.5 million. The extent to which Parish has fallen was evident as soon has he was led into the courtroom by federal marshals, the last of three prisoners in handcuffs, leg shackles, gray prison garb and slippers. Among his fellow arraignees Wednesday morning were an accused bank robber, a crack addict, two felons accused of violating their paroles by possessing firearms, and alleged unemployment benefits cheaters and a woman who stands accused of tampering with a product with intent to cause harm. Upon entering the courtroom, Parish initially had a slightly quizzical look on his face, his knitted brows only momentarily giving him a look of concern. He did not acknowledge his wife, mother, brothers or in-laws seated behind him, but intermittently engaged Savage in discussion as he waited his turn before Kosko. << Start < Prev 1 2 Next > End >>