Investment fraud is always terrible. By definition, scams and rip-offs target unsuspecting people who can least afford to lose their meager life savings.

But when the scoundrel running the fraud is a trusted person, it makes the crime even more repulsive. Affinity fraud, as it is known, often includes people who put themselves in positions of trust at churches or schools, in social and civic organizations and other environments, only to financially abuse the relationships.

One of the most recent cases allegedly involves a college professor teaching at a Christian university who also positioned himself as a leading investment adviser in the community.

According to the Securities and Exchange Commission, Albert Parish Jr., a former professor at Charleston Southern University in South Carolina, has been charged with fraud in connection with a group of investment funds that he operated. Losses are estimated at $134 million.

The complaint claims that Parish operated five funds "with intent to deceive, manipulate or defraud or with a severe reckless disregard for the truth."

The commission "alleged that the defendants provided statements to investors and placed information on the Parish Economics Web site representing that the funds had been trading profitably and that the funds collectively held $134 million in assets. In fact, brokerage accounts represented to hold millions of dollars of assets for the funds do not hold significant funds."

One of the funds claimed to have invested in expensive watches, jewelry and fine art with potential collector value.

Among the investors in the Parish funds was Charleston Southern University, which joined the actions filed in the Charleston County Circuit Court.

"This action was taken to protect the $10.66 million of funds that the university had invested in Parish Economics. University personnel and student scholarships will not be adversely affected. While the situation will require budget adjustments, Charleston Southern has operated in the black for 22 consecutive years and plans to continue to do so," reads a statement from the college.

In typical Southern-style charm, the school said, "The Charleston Southern family continues to pray for everyone impacted by this unfortunate situation."

Well, maybe not everyone. It turns out that Parish was a rather flamboyant character who was known for his flashy wardrobe and pricey collections. A Charleston store recently displayed his pen collection valued at more than $1.2 million.

The Web site for Parish Economics shows a picture of him with the caption, "Economan." Promised returns were in the high double digits. After all, who wouldn't trust an economics professor, especially at a Christian university?

You can bet that the folks in Charleston are buzzing about this deal. A report on Fraud Digest, a Web site that tracks scams, says that Parish reportedly checked himself into a local hospital claiming to be suffering from amnesia.

Stay tuned, this is going to be interesting.

George Chamberlin is a regular contributor to the North County Times, and also is a TV and radio commentator. Contact him at geoc1045@adelphia.net.