A man who was convicted of bilking local investors has been ordered to pay $1.4 million in restitution in a civil lawsuit.
A judge ordered Parry Clark to repay the money to investors from Johnson County, in addition to money he already is required to pay in restitution.
Last year, Clark pleaded guilty to four felony fraud charges and was sentenced to four years in prison and six years on probation. He also was ordered to pay back $1.7 million to his investors.
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In addition to the criminal charges, Clark was sued by some of the families who lost their investment money.
Earlier this month, a Morgan County judge ruled in favor of those families and required Clark to pay them $1.4 million, which includes restitution Clark was ordered to pay as part of the criminal case, according to the judge’s final order in the lawsuit.
In 2012, Clark, 64, who last listed an address in Jacksonville, Florida, and Martin D. McClary, 49, of Trafalgar, each were charged with 23 felony counts of securities registration violations, broker-dealer violations and securities fraud.
Investigators said more than $1.7 million that flowed into Clark’s business, Prosidian LLC, came from Johnson County and other area residents who were promised big returns on their investment.
McClary collected the money from friends and people at his church to help launch Clark’s business in Florida, but the company failed to get licensed and shut down after all the money was spent on salaries, rent and operating costs.
In all, the pair had 34 victims in Johnson County, according to the Office of the Indiana Secretary of State.
Last year, Clark pleaded guilty in the case and said he didn’t look into who was investing and whether the investments were registered with the secretary of state’s office, as required.
In 2013, after his arrest, four local families filed a civil lawsuit against Clark and the companies. The lawsuit said the families lost their entire investments.
Earlier this month, the families proposed a settlement, and a Morgan County judge agreed. According to the agreement, Clark must repay:
$802,620 to Brian and Beth Baird, which includes losses of $400,000, restitution of $400,000 and $2,620 in attorney’s fees.
$64,620 to Kelly Fife and Renae Fife, including $31,000 in losses, $31,000 in restitution and $2,620 in attorney’s fees.
$182,620 to Scott and Delaine DeHart, which includes losses of $90,000, restitution of $90,000 and $2,620 in attorney’s fees.
$402,620 to Joseph and Nancy DeHart, including losses of $200,000, restitution of $200,000 and $2,620 in attorney’s fees.
Daniel Layden, an attorney who represents the families, declined to comment.
The court also approved garnishing Clark’s wages, according to court records.
Clark is serving his sentence at the Edinburgh Correctional Facility, with a projected release date in September 2016, according to the Indiana Department of Correction.
