Bloomberg News

Ex-Banker Accused of Stealing $17 Million Is Fugitive, FBI Says

July 09, 2012

Aubrey Lee Price, a former banker in Georgia accused of stealing $17 million, is believed to be a fugitive, the FBI said.

Price, 45, was charged June 28 with wire fraud in federal court in Brooklyn, New York, for allegedly embezzling funds he had agreed to invest on behalf of Montgomery Bank & Trust. The Ailey, Georgia-based bank was closed on July 6 and its deposits were handed over to Ameris Bank of Moultrie, Georgia, according to a statement from the Federal Deposit Insurance Corp.

Price disappeared after telling acquaintances he had lost money through trading activities and he planned to commit suicide, the Federal Bureau of Investigation said today in a statement. He was last seen June 16 boarding a ferry in Key West, Florida, that was bound for Fort Myers, Florida, the FBI said.

While he was a manager of the bank’s holding company, PFGBI LLC, Price transferred as much of $21 million to certain securities accounts and lied about the balances, according to a criminal complaint.

“The scheme Mr. Price allegedly ran is unfortunately one the FBI is all too familiar with,” Janice K. Fedarcyk, head of the FBI’s New York office, said in the statement. “By creating bogus statements with falsified balances and returns, Mr. Price was able to hide mounting investment losses as well as his own monetary gain.”

The case is U.S. v. Price, 1:12-mj-00621, U.S. District Court, Eastern District of New York (Brooklyn).

To contact the reporter on this story: Christie Smythe federal court in Brooklyn, New York, at csmythe1@bloomberg.net.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus