Mount Pleasant fraud accusation plays an Al Parish tune

Image by Flickr user Refracted MomentsImage by 20081001money.jpg At least one person has made a sweet role of cash by investing with Peninger.

Latest updates at the bottom.

Federal authorities have accused former Mount Pleasant stockbroker Michael Derrick Peninger of running a Ponzi scheme and defrauding at least 20 investors out of more than $1 million.

Investigators say Peninger took money from early investors, and used money from later investors to pay back early investors. If you thing the scheme sounds similar to the one in the Al Parish case, you'd be right.

I'm sure we'll be hearing more about this.

Head over to The Charleston Regional Business Journal for details.

Update October 4: The Post and Courier is reporting that there could be much more than a million dollars in losses. In part:
[An] attorney, who represents an elderly couple who lost $1.5 million in investments with Michael Derrick Peninger and his CSA Trading Group Inc., told The Post and Courier that he thinks more investors who lost money are likely to come forward before the dust settles.