By Dan McCue

CHARLESTON -- The legal troubles enveloping economist and Charleston Southern University professor Al Parish may get considerably worse, pending a just-initiated formal inquiry by the U.S. Federal Bureau of Investigation.

Supervisory Special Agent Steve Grimaldi confirmed this afternoon that the investigation, which he characterized as being in its “very preliminary stages,” could result in criminal charges including mail fraud, wire fraud, money laundering and conspiracy.

“The difference between our investigation and that of the Securities and Exchange Commission is that ours very well could result in jail time, while the civil actions are focused on what restitution may be possible for Parish’s investors,” Grimaldi said.

Parish, known perhaps as much for his eccentric wardrobe as for his time-proven acumen as a regional economic forecaster, stands accused of security fraud and could be responsible for the disappearance of as much as $134 million, according to a civil case brought by the U.S. Security and Exchange Commission.

Parish’s official employment status with the university could not be ascertained Monday morning.

Parish and two of his companies, Parish Economics LLC and Summerville Hard Assets LLC, both of which he co-owns with his wife, Yolanda Yoder Parish, have invested on behalf of at least 300 individuals and entities.

The suit, filed by the Securities and Exchange Commission in the U.S. District Court for South Carolina, Charleston Division, alleges that Parish provided fraudulent statements to some 300 investors, saying that their investments were growing and totaled more than $314 million. The SEC alleges those accounts held less than $230,000 total.

John H. Douglas, U.S. attorney for the District of South Carolina said Monday that the next major scheduled event in the SEC’s unfolding civil action is a hearing set for 10 a.m. Friday morning at the U.S. Courthouse on Meeting Street.

“(U.S. District) Judge (David C.) Norton’s temporary restraining order accomplishes most of what we want in the preliminary injunction, but Parish has the right to appear on Friday and contest any portion of the requested relief.”

Douglas’ office may have a meeting with creditors’ lawyers prior to the hearing, although one has not been scheduled at this time, he said.

“For now, the court-appointed receiver is doing his best to gain control of Parish’s assets and determine the extent of claims against him,” Douglas said.

Grimaldi said the FBI and SEC will work hand in hand on their simultaneous investigations.

“It’s going to involve the acquisition of a lot of financial records, including those of Parish, his companies and his creditors, as well as numerous interviews,” he said.

So far, the FBI has been unable to question Parish, Grimaldi said.

Once its investigation is complete, whatever case is built against Parish, or his wife, will be presented to a grand jury, which will ultimately decide whether criminal charges will brought.