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RELEASE: pr5344-07

  • Release: 5344-07

    For Release: June 5, 2007

    South Carolina Federal District Court Issues Consent Order of Preliminary Injunction against Albert E. Parish, Jr. and His Company Parish Economics, LLC

    Court's Action Stems from CFTC Civil Action Charging Defendants with Commodity Pool Fraud and Other Violations of Federal Commodity Laws

    Washington, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today that the Honorable David C. Norton of the U.S. District Court for the District of South Carolina entered a consent order of preliminary injunction against Albert Parish, Jr. and his company, Parish Economics, LLC, both of Summerville, South Carolina.

    The court’s order stems from a CFTC complaint filed on April 17, 2007 (see CFTC News Release 5320-07, April 19, 2007).  The complaint alleges that, beginning in January 2003, the defendants engaged in fraudulent conduct and misappropriated funds from a commodity pool in violation of the Commodity Exchange Act and CFTC regulations.

    Under the preliminary injunction order entered on May 10, 2007, defendants are prohibited from engaging in fraud and any commodity-related trading activity. The order also provides for CFTC inspection access to the defendants’ books, records, and other documents.

    In its continuing litigation against the defendants, the CFTC is seeking permanent injunctive relief, the return of funds to defrauded customers, repayment of ill-gotten gains, an award of civil monetary penalties, and the imposition of a commodities trading ban.

    The following CFTC Division of Enforcement staff are responsible for this case: Jo Mettenburg, Jeff LeRiche, Donald Nash, Charles Marvine, Richard Glaser, and Richard Wagner.

    Media Contacts
    Ianthe Zabel
    202-418-5080

    Dennis Holden
    202-418-5088

    Last Updated: July 2, 2007