The Securities and Exchange Commission filed a complaint in the United States District Court for the District of South Carolina in April 2007 against Albert E. Parish, Jr. and Parish Economics LLC claiming they had been fraudulently operating five investment funds.

The case involved a fraudulent securities offering with $523 million allegedly invested in various hedge funds and investment pools. Mr. Hays was appointed as the Receiver and Hays serves as Accountants and Financial Consultants to the Receiver. We liquidated assets including real estate, cars, watches, pens, artwork, real estate investments, and life insurance policies and are recovering significant funds from third parties. The case has received extensive local and national media coverage. The TV show American Greed aired a story on the case in 2009.

INVESTOR UPDATE ON MAY 6, 2011

Pursuant to the court approved Plan of Distribution, we distributed the majority of the funds recovered in the case to investors and creditors in April 2010. We distributed a total of $9 million to over 375 investors and creditors.

There are only a few remaining recoveries and issues to be resolved prior to closing the case. The remaining issues include, among other things, the conclusion of litigation against Parish’s former attorney, Robert Pearlman, the resolution of certain tax issues with the IRS and recoveries from investors that received in excess of the funds invested.

We are currently holding approximately $866,000 in the receivership estate. Of this amount, we must holdback funds for a potential, but highly unlikely, unfavorable tax determination against the Receivership estate. Based on the amount of the funds available and the tax holdback, we do not have any plans to make another distribution in the near future. If sufficient funds are recovered from the pending litigation, we will consider another interim distribution.

Court Docket Activity

April 5, 2007 – Order to Show Cause, Temporary Restrainings Order, Order Appointing Receiver, Order Freezing Assets, Order Prohibiting Destructions of Documents, and Order Expediting Discovery

April 5, 2007 – Complaint

April 12, 2007 – Receiver’s First Interim Report

April 12, 2007 – Order Granting Preliminary Injunction, Freezing Assets, Appointing a Receiver and Ordering Other Ancillary Relief

May 30, 2007 – Receiver’s Second Interim Report
May 30, 2007 – Exhibit A to the Receiver’s Second Interim Report
May 30, 2007 – Exhibit B.1 to the Receiver’s Second Interim Report
May 30, 2007 – Exhibit B.2 to the Receiver’s Second Interim Report

May 30, 2007 – First Application of the Receiver to Pay Professional Fees and Expenses

July 27, 2007 – Second Application of the Receiver for Authority to Pay Professional Fees and Costs
Exhibit A – Receiver’s Itemized Fee Application
Exhibit B – Receiver’s Accountants and Financial Consultants Itemized Fee Application
Exhibit C – Receiver’s Counsel Itemized Fee Application
Exhibit D – Receiver’s Local Counsel Itemized Fee Applications
Exhibit E – Draft Order Directing Approval and Payment of Professional Fees and Expenses

August 17, 2007 – Receiver’s Expedited Motion to Approve the Plan for the Desposition of Life Insurance Policies and Brief in Support Thereof

August 30, 2007 – Order Granting the Receiver’s Expedited Motion to Approve Plan for Disposition of Life Insurance Policies

August 30, 2007 – Order Granting Receiver’s Emergency Motion to Approve the Sale of Life Insurance Policies Issued by the American General Life Insurance Co.

September 12, 2007 – Third Application of the Receiver for Authority to Pay Professional Fees and Reimburse Costs

October 5, 2007 – Parish Plea

October 5, 2007 – Parish Plea Agreement

October 25, 2007 – Fourth Application of the Receiver for Authority to Pay Professional Fees and Reimburse Costs

November 16, 2007 – The Receiver’s Motion to Approve the Sale of Certain Real Property Free and Clear of Liens, Claims and Encumbrances and Brief in Support Thereof

November 21, 2007 – Receiver’s Motion for Approval of Settlement Agreement with Yolanda Yoder and Brief in Support Thereof

November 21, 2007 – Settlement Agreement and Release with Yolanda Yoder

December 12, 2007 – Fifth Application of the Receiver for Authority to Pay Professional Fees and Reimburse Costs

December 12, 2007 – Sixth Application of the Receiver for Authority to Pay Professional Fees and Reimburse Costs

December 12, 2007 – Seventh Application of the Receiver for Authority to Pay Professional Fees and Reimburse Costs

December 28, 2007 – Consent Order Authorizing Sale of Certain Real Property Free and Clear of Liens, Claims, Encumbrances, and Other Interests and Establishing Sale Procedure

January 28, 2008 – Eighth Application of the Receiver for Authority to Pay Professional Fees and Reimburse Costs

February 5, 2008 – Receiver’s Motion to Approve Settlement with Charleston Southern University and for Injunctive Relief and Brief in Support Thereof

February 5, 2008 – Exhibit A – Settlement Agreement with Charleston Southern University and Mutual Release

February 8, 2008 – Ninth Application of the Receiver for Authority to Pay Professional Fees and Reimburse Costs

February 18, 2008 – Memorandum of investor Steven L. Smith in Opposition to Proposed Settlement of Claims

February 18, 2008 – Affidavit of Steven L. Smith

February 20, 2008 – Objection to Proposed Settlement of Claims Against Charleston Southern University by Louis Mancuso, Richard Brown and Ryan Brown

February 20, 2008 – Objection to Receiver’s Motion to Approve Settlement and for Related Injunctive Relief

March 14, 2008 – Receiver’s Third Interim Report

March 14, 2008 – Exhibit A 3d Interim Report

March 14, 2008 – Receiver’s Reply in Support of His Motion to Approve Settlement and For Related Injunctive Relief

March 14, 2008 – Affidavit of S. Gregory Hays

May 12, 2008 – Order and Opinion regarding the settlement with CSU

July 16, 2008 – Receiver’s Motion for Legare Approval

Exhibit A – Settlement Agreement and Mutual Release
Exhibit B – Notice of Motion

December 4, 2008 – Fourteenth Application of the Receiver for Authority to Pay Professional Fees and Reimburse Costs

February 4, 2009 – Fifteenth Application of the Receiver for Authority to Pay Professional Fees and Reimburse Costs

March 23, 2009 – Order granting receiver’s motion approve Legare settlement

March 23, 2009 – Settlement Agreement and Mutual Release

April 8, 2009 – Sixteenth Application of the Receiver for Authority to Pay Professional Fees and Reimburse Costs

April 30, 2009 – Motion to Approve Plan for Claims Admin

Exhibit A
Exhibit B
Exhibit A

May 5, 2009 – Final Quarterly Investor Letter

July 27, 2009 – 19th Application of the Receiver for Authority to Pay Professional Fees and Reimburse Costs

December 9, 2009 – Motion to Approve Schedule of Allowed Claims
Exhibit A
Exhibit B
Proposed Order Approving Schedules and Authorizing Distribution Of Proceeds

December 30, 2009 – Motion to Approve BWM Agreement
Exhibit A
Exhibit B

February 10, 2010 – Order Approving Rising Tide and Claim Schedules

February 10, 2010 – Order Approving BWM Settlement Agreement

April 1, 2010 – S. Gregory Hays as Receiver for Parish Economics, LLC and Hermine W. Martin, Claudia B. Fitzgerald and Jo Ann Brandt on behalf of themselves and a class of similarly situated persons, Plaintiffs vs. Robert B. Pearlman and Pearlman and Pearlman, Attorneys at Law, P.C. d/b/a Pearlman and Pearlman, P.C.

April 12, 2010 – Receiver’s Response to Motion to Enforce Judgment and Distribute Proceeds

April 12, 2010 – Forrest’s Response to Motion to Enforce Judgment and Distribute Proceeds

October 19, 2010 – Twenty Eighth Application of the Receiver for Authority to Pay Professional Fees and Reimburse Costs
Exhibit A
Exhibit B
Exhibit C
Proposed Order

May 5, 2011 – Order regarding Declaratory Judgment against Battery Wealth Management

June 3, 2011- Notice of Appeal of Judgment against Battery Wealth Management

Investor Information

Frequently Asked Questions

April 9, 2007 – Investor Letter and Proof of Claim
Exhibit A to Claim Form

Parish Tax Memo

Letter from Internal Revenue Service Re Non-Receipt of Parish Economics LLC Tax Returns for 2005 and 2006

Non-Investor Claim Form

Parish Investor Letter

January 23, 2008 – Receiver’s Important Tax Notice to Investors

February 25, 2008 – Important Tax Letter to 2004 Prior Parish Investors

March 17, 2008 – Receiver’s Important Tax Notice to Investors

March 24, 2008 – Letters To Investors re CSU and Tax Issues

May 21, 2008 – Letter to Parish Investors

July 31, 2008 – Letter to Parish Investors

October 24 , 2008 – Letter to Parish Investors

January 20, 2009 – Letter to Parish Investors

May 5, 2009 – Letter to Parish Investors

September 18, 2009 – Letter to Parish Investors

Sale of 216 Skyline Lodge Rd.

South Carolina Department of Revenue – Albert Parish Notice

Internal Revenue Service Rev. Proc. 2009-20, April 6, 2009

Contract , Advertisement, and bid procedures to sell 23.92 acres off Summit Plantation Road in Hollywood, SC

Contract, Advertisement, and bid procedures to sell 216 Skyline Lodge Rd, Highlands, NC

January 25, 2010 – Letter to Parish Investors

February 9, 2010 – Letter to Parish Investors

April 3, 2010 – Letter to Parish Investors

March 21, 2011 – Receiver’s Tax Notice to Investors

Click here to email the Receiver

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News Articles and Press Releases

Economist Accused of Fraud
The Post and Courier
April 6, 2007

S.C. Professor Accused of Fraud by SEC in Missing $134 Million
The State
April 6, 2007

CSU Community Shocked by Charges
The Post and Courier
April 7, 2007

Multimillion Dollar Fraud?
The State
April 7, 2007

Investors Say They Trusted Economist Accused of Fraud
The State
April 8, 2007

‘It was easy to believe in Al’ Investors Cite Parish’s Folksy Charm in Handing Over Money
The Post and Courier
April 8, 2007

Charges Leave Many at a Loss
The Post and Courier
April 9, 2007

Investors Say They Trusted Economist Accused of Fraud
The State
April 9, 2007

Red Flags and Flashing Lights
The Post and Courier
April 10, 2007

FBI Joins Investigation
The Post and Courier
April 10, 2007

Parish Jailed as Flight Risk
The Post and Courier
April 13, 2007

Groups Ponder What To Do with Parish Donations
The Post and Courier
April 13, 2007

E-mails Led to Fraud Charges Against Parish
The Post and Courier
April 13, 2007

Receivers Piecing Together Parish Puzzle
SCBIZnews.com
April 16, 2007

Parish Accused in $134 Million Fraud Case
Charleston Regional Business Journal
April 16, 2007

Als Perish: Penchant for Mont Blanc Pens, Clown Paintings Brings Economist Down Hard
Charleston Regional Business Journal
April 16, 2007

“Mind Boggling”: Parish Assets Being Seized
SummervilleJournalScene.com
April 17, 2007

CSU Extends Hunter’s Contract
The Post and Courier
April 19, 2007

Fine Art? In Parish’s Case, Some Yes and Some No
The Post and Courier
April 20, 2007

Parish Asks to Resume Mental Tests
The Post and Courier
April 21, 2007

Parish Investigation Raises Concerns for Some Christians
The Post and Courier
April 22, 2007

Sellers of “Hard Assets” Also Found Themselves Lured into Parish’s Pools
The Post and Courier
April 24, 2007

Parish Bet His Life for Investors
The Post and Courier
April 24, 2007

Parish Held Time Shares
The Post and Courier
April 25, 2007

Parish Asset Search Turns Up Vintage Guitar
The Post and Courier
April 27, 2007

Parish’s Wife Said to Be Cooperating in Probe
The Post and Courier
May 2, 2007

Parish’s Skelton Art Put in Secure Location
The Post and Courier
May 3, 2007

Parish Agrees to Quit Investing for Others
Charleston Regional Business Journal
May 4, 2007

Clothing Store Could Soon Have a Buyer
The Post and Courier
May 7, 2007

Parish Looking at 205 Years
The Post and Courier
May 10, 2007

Parish Indicted on 11 Counts
Charleston Regional Business Journal
May 10, 2007

Charleston Agog as Financial Guru Accused of Fraud
The Atlanta Journal Constitution
May 13, 2007

SC Professor Who Claimed Amnesia Indicted for Mail and Wire Fraud
WISTV.com
May 14, 2007

Parish’s Purple Jaguar Up for Bid on eBay
The Post and Courier
May 18, 2007

Parish’s Purple Jag is Parked on eBay
The Post and Courier
May 19, 2007

Parish Jogs His Memory
The Post and Courier
May 19, 2007

Parish to Plead Not Guilty at Wednesday Arraignment
Charleston Regional Business Journal
May 21, 2007

Parish Pleads Not Guilty
The Post and Courier
May 24, 2007

Bail Hearing Set for Parish
SCBIZnews.com
May 24, 2007

Parish Store to be Liquidated
The Post and Courier
May 25, 2007

Paish Case Keeping Attorneys Busy
Charleston Regional Business Journal
May 28 – June 10, 2007

Receiver Seeks $343K for Work on Parish Case
Charleston Regional Business Journal
May 28, 2007

Single Investor Bears the Brunt of Parish-Related Losses
Charleston Regional Business Journal
May 28, 2007

Keeping Attorneys Busy
SCBIZnews.com
May 29, 2007

Parish to be Released on $1 Million Bond
Charleston Regional Business Journal
May 31, 2007

Parish Out on Bail: Former Economist is Being Monitored
The Post and Courier
June 1, 2007

Picture Looks Gloomy for Most of Investors
The Post and Courier
June 1, 2007

Prosecutor: Parish Trial a Long Way Off
Charleston Regional Business Journal
June 6, 2007

Davis Clothier is Latest Casualty in Parish Case
The Post and Courier
June 8, 2007

Parish Auction to be in July
The Post and Courier
June 9, 2007

What If CSU Invested Elsewhere?
The Post and Courier
June 10, 2007

Parish’s World Unravels
Charleston Regional Business Journal
June 11, 2007

Parish’s Breakdown
Charleston Regional Business Journal
June 11, 2007

Al Parish: A buffoon or Criminal Mastermind?
Charleston Regional Business Journal
June 11, 2007

Parish Coin Cache Found
The Post and Courier
June 13, 2007

Parish Probe Uncovers Rare Coin Collection
The State
June 14, 2007

Focus Turning to Other Interests in Parish Case
Charleston Regional Business Journal
June 25, 2007

Auction Set for Al Parish Amazing Collection
Charleston Regional Business Journal
June 25, 2007

See Al Parish’s Assets
ABC News 4 Charleston
July 5, 2007

Need Gnomes? Hendrix Guitar? Auction Has It All
The Post and Courier
July 11, 2007

Parish Auction to Feature “High-End Items” and Pre-Bidding
Charleston Regional Business Journal
July 11, 2007

Indicted Investor’s Motley Collection to be Auctioned
The Atlanta Journal-Constitution
July 12, 2007

Accused Investor’s Things Up for Auction
The Atlanta Journal-Constitution
July 12, 2007

With Auction, Parish Fraud Case Approaches Its First Crescendo
Charleston Regional Business Journal
July 13, 2007

$1.8M Raised in Day 1 of Bids
The Post and Courier
July 14, 2007

Final Parish Auction Tally: $2.35 Million
The Post and Courier
July 15, 2007

Charleston Southern: Who’s Minding the Store?
Charleston Regional Business Journal
August 6, 2007

Charleston Southern University Tight Lipped About Lost $10M
Charleston Regional Business Journal
August 6, 2007

$10M in Parish Policies Sold
The Post and Courier
August 23, 2007

Parish Agrees to Plead Guilty
The Post and Courier
October 3, 2007

Parish Spouse Offered Immunity Deal
Charleston Regional Business Journal
November 27, 2007

Yoder Shielded From Suits
The Post and Courier
December 19, 2007

CSU Will Pay Nearly $4 Million in Settlement
The State.com
February 6, 2008

Al Parish Real Estate to Go on the Auction Block
Charleston Regional Business Journal
February 14, 2008

Parish’s Four Homes Expected to Go Quickly at Auction
The Post and Courier
February 24, 2008

Bank Holding Mortgages Buys Convicted SC Economist’s Properties
The Daily Report
February 27, 2008

Parish Actual Gain May be Less than $10M
Charleston Business Journal
April 25, 2008

Judge OKs $4M Settlement Involving S.C. Economist
Daily Report
May 13, 2008

Settlement caps CSU liability in Parish case
The Post and Courier
May 14, 2008

Parish in hospital; attorney asks for leniency
Charleston Business Journal
June 20, 2008

Parish out of hospital, ready for sentencing
Charleston Business Journal
June 24, 2008

Parish could serve time in medical facility
Charleston Business Journal
June 24, 2008

Parish sentenced to more than 24 years
The Post and Courier
June 26, 2008

Al Parish discusses the collapse of his investment empire
The Post and Courier
June 26, 2008

Parish’s attorney asks to withdraw from case
Charleston Regional Business Journal
July 16, 2008

A legacy of fraud and excess
Charleston Regional Business Journal
July 7, 2008

Economy slowing sale of Parish’s assets
Charleston Regional Business Journal
February 13, 2009

Paying Back The Victims
The Post and Courier
May 1, 2009

Judge delays ruling on paybacks
The Post and Courier
July 2, 2009

Parish and Madoff to be jailmates
Charleston Regional Business Journal
July 14, 2009

Forums:
The Post and Courier

Victims May Soon Get Checks
The Post and Courier

Fraudster’s Lawyer, Accountants Settle For $1.75M
Law360.com
August 26, 2011

Television Coverage

WCBD (NBC) – Channel 2
WCIV (ABC) – Channel 4
WCSC (CBS) – Channel 5

American Greed Profiles Al Parish

Email the Receiver: parishreceiver@haysconsulting.net

NOTE: If you are unable to view the documents, right click on the link and select the "Save Link As" menu item. You will then be able to download the document to your computer for viewing.