Associated Press CHARLESTON -- Flamboyant economist Al Parish has been indicted on a state securities fraud charge, about a month after he pleaded guilty in federal court to spending investors' money to buy lavish homes, swanky cars and jewel-encrusted pens. The former Charleston Southern University economist with a penchant for flashy clothes pleaded guilty to three federal counts in October and faces up to 40 years in prison when he is sentenced early next year. Authorities claim he defrauded about 500 investors of an estimated $90 million. The state charge, which is similar to the federal charges, carries a maximum 10-year sentence. The Charleston County grand jury indictment contends Parish's investment pools in commodities and securities, bonds, stocks and hard assets were a sham. Parish would allow investors to put money in the pools and provided statements "that grossly misrepresented the investors' returns and assets," the indictment said. Parish was hospitalized with amnesia last spring when the federal indictment was returned. He has since recovered his memory and has been assisting authorities, his attorney Andy Savage has said. Parish remains under house arrest. In July, a court-ordered auction of Parish's assets brought in about $2.35 million. The items sold included 100 expensive watches, gnome statues by sculptor Tom Clark and cases of hot sauce with the label Al Parish Bottle of Death. A Fender Stratocaster guitar which Jimi Hendrix is said to have used to record "Foxy Lady" was also sold.