Charleston Southern University is now being blamed by local investors who lost millions of dollars they had invested with an economics professor who faces federal fraud charges. According to The Post and Courier, a newspaper in Charleston, S.C., five investors sued the university this week, accusing it of sharing liability with the professor, Albert E. Parish Jr., for their losses.
The lawsuit says the university knew or should have known Mr. Parish was not legally registered to invest on behalf of others, and it accuses the university of allowing him to conduct his investment business on the campus, making it appear to endorse his work. Charleston Southern fired Mr. Parish last week and filed its own suit against him, to recover some $10-million in endowment funds it had invested with him. —Andrew Mytelka
