Feds Allege Md. Man Ran $9.2M Investment Scheme
BALTIMORE (AP) -- Federal prosecutors say a Walkersville man ran a fraudulent investment scheme that took in about $9.2 million from 70 people.
The U.S. Attorney's Office in Baltimore announced the indictment Friday charging Larry Parrish, 48, with 23 counts of wire fraud and two counts of engaging in transactions with criminally derived property.
Parrish couldn't be reached immediately for comment. He has no home telephone listing, and court records didn't list a defense attorney.
The indictment alleges that Parrish persuaded people to invest in his supposed investment and trading company, IV Capital Ltd.
It says Parrish used about $1 million for personal expenses and lost nearly $3 million on trades and business expenses.
He allegedly returned the remainder to customers as supposed investment profits.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
