Md. Man Pleads Guilty To Ponzi Scheme
BALTIMORE (AP) -- A Walkersville man faces up to 20 years in prison after pleading guilty to a $9.2 million Ponzi scheme.
The Frederick News-Post reports that 49-year-old Larry Parrish pleaded guilty to wire fraud Tuesday in U.S. District Court in Baltimore.
Prosecutors say he fleeced 70 investors of $9.2 million between 2005 and 2009.
They say he falsely represented his company, IV Capital, as an investment and trading firm that traded in international exchanges.
The Securities and Exchange Commission obtained a default judgment against Parrish in a separate civil action in U.S. District Court in Denver in September.
Parrish is scheduled for sentencing in Baltimore Nov. 15.
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