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.)
Other Local News:
- Police: Md. High School Student’s Diary Reveals Mass Shooting Plot
- Trump Administration Pushed to Speak Out Against Hate Crimes
- Only A Few Seconds Of Body Cam Footage In Deadly Officer-Involved Shooting Released
- Local Breweries Rally Against Legislation Affecting Taproom Hours
- Baltimore Police Find Guardians of 2 Young Boys