Wednesday, Nov. 11, 2009

Land of S.C. professor convicted of fraud to be sold

CHARLESTON, S.C. -- About 24 acres of land belonging to an S.C. college professor convicted of investor fraud will be sold to help repay those who lost money.

The Post and Courier of Charleston reported Wednesday that trustees dealing with Al Parish's assets will put the land on Yonge's Island up for auction this month.

The former Charleston Southern University economist is serving 24 years at a federal prison in Butner, N.C., after pleading guilty to investor fraud. Parish is thought to have lost as much as $66 million in what prosecutors say was a Ponzi scheme.

Trustees hope to raise about $9 million to repay those who lost money.

The land on Yonge's Island is mostly a cornfield. Minimum bids of about $180,000 are requested.

Trustees also plan to sell a mountain home in North Carolina.