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Man Sentenced To 9 Years In $9.2M Ponzi Scheme

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(AP Photo/Texas Department of Criminal Justice, File)

(AP Photo/Texas Department of Criminal Justice, File)

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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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