Tax Preparation Firm to Pay $1 Million Settlement in South Carolina

A federal judge in Charleston, South Carolina has approved a settlement requiring the company that prepared taxes for a former Charleston Southern University economist currently in prison for fraud to pay almost $1 million to settle investor claims.

The settlement says the firm of Legare & Bailey was not aware of Al Parish’s fraud but that information provided by Parish should have raised red flags.

The firm will pay $952,000 to the receiver recovering assets for investors with most of the money coming from an insurance policy.

Prosecutors say Parish, known for his flashy spending habits, defrauded hundreds of investors of $66 million. He is serving more than 24 years in prison.