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Md. man sentenced to 9 years in Ponzi scheme

A Walkersville man has been sentenced to nine years in prison in a $9.2 million Ponzi scheme.

Forty-nine-year-old Larry Parrish was also ordered to pay $4 million in restitution at sentencing Friday in U.S. District Court in Baltimore.

Parrish pleaded guilty in May to wire fraud. Prosecutors say his company, IV Capital, fleeced 70 investors 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.