The State: CSU will pay nearly $4 million in settlement
Charleston Southern University has agreed to pay nearly $4 million to settle allegations it helped a former economist swindle investors out of tens of millions of dollars, according to documents filed Tuesday in federal court.
Al Parish pleaded guilty in October and is awaiting sentencing on charges of fraud and lying to investigators. Prosecutors said the flamboyant economist defrauded hundreds out of more than $90 million. Parish taught economics at Charleston Southern.
Most of the $3.9 million Charleston Southern has agreed to pay is covered under the school’s insurance policy, leaving $160,000 to be paid out of cash reserves, according to the settlement. A hearing on the matter has been scheduled for this month.
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