Man Sentenced To 9 Years In $9.2M Ponzi Scheme
BALTIMORE (AP/WJZ) -- A Walkersville man has been sentenced to nine years followed by three years of supervised release for his role in a $9.2 million Ponzi scheme.
Larry Parrish was sentenced Friday at the U.S. District Court in Baltimore. He must also pay restitution of $4 million.
Parrish faced up to 20 years in prison after pleading guilty in May to wire fraud.
Prosecutors say his company, IV Capital, fleeced 70 investors of $9.2 million between 2005 and 2009.
They say he falsely represented the company as an investment firm that traded in international exchanges.
The Securities and Exchange Commission obtained a judgment against Parrish in a separate civil action in U.S. District Court in Denver in September 2012.
(Copyright 2013 by The Associated Press. All Rights Reserved.)
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