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April 9, 2007
Beware Academics Running Endowment Money
A Charleston, South Carolina, economist apparently was better at attracting assets than at managing them, at least according to a new SEC suit. It alleges he invested and invested and invested $134-million in investor assets until there was nothing left. He, however, claims amnesia.An economics professor at Charleston Southern University, Parish was the go-to guy for business leaders, local reporters, and people with a little money to invest. He provided advice, analysis and — through several investment companies — a great way to get rich. Except for one problem: According to a suit filed by the Securities and Exchange Commission last week, the reports that investors received were false and the money invested — about $134 million — is almost all gone. As SEC investigators attempted to question Parish, he claimed to be suffering from amnesia and checked himself into a hospital, so he has not commented on the mess, leaving investors and investigators very much in the dark.[via InsideHigherEd]
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