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Georgia Banker Accused Of Stealing Millions Seeks Bond

By: Associated Press News Email
By: Associated Press News Email

News Release: Associated Press News

STATESBORO, Ga. (AP) -- A judge must decide if a former Georgia banker accused of stealing millions from investors should be freed on bond after he spent the past 18 months eluding authorities.

Aubrey Lee Price is scheduled to appear Wednesday for a bond hearing before a federal magistrate judge in Statesboro. Authorities say the 47-year-old Price misspent, embezzled and lost $21 million before he vanished in June 2012, leaving letters that indicated he planned to commit suicide.

A Florida judge declared Price dead a year ago, but he was arrested last week during a traffic stop in south Georgia.

Price has been indicted in Georgia and New York on bank fraud charges. The bank where Price served as a director, the Montgomery Bank & Trust near Vidalia, closed after its assets were depleted.


News Release: Associated Press News

ATLANTA (AP) -- Authorities suspect a former south Georgia banker who disappeared 18 months ago and who faces allegations he stole millions of dollars from investors was growing marijuana in a home in Florida.

Aubrey Lee Price was arrested during a traffic stop Tuesday on Interstate 95 in the coastal Georgia city of Brunswick. He disappeared in June 2012 after sending a letter to his family saying he had lost millions and planned to kill himself.

According to a police report, deputies from the Marion County Sheriff's Office in Ocala, Fla., on Wednesday found 225 marijuana plants in a home they believe Price was renting in Florida. The report names Price as the suspect in the drug investigation.

Marion County detectives plan to travel to Georgia to interview Price.


Associated Press News Release

BRUNSWICK, Ga. (AP) -- A U.S. marshal told a judge that a south Georgia bank director accused of losing millions of investor dollars before vanishing was homeless before his arrest earlier this week.

Aubrey Lee Price appeared before a federal judge in Brunswick Thursday. The 47-year-old was arrested Tuesday during a traffic stop on Interstate 95.

The Atlanta Journal-Constitution reports (http://bit.ly/1l4jBJR ) the U.S. marshal said Price told authorities he'd been working as a migrant worker, accepting cash for odd jobs.

Price had disappeared in June 2012 after sending a rambling letter to his family and acquaintances saying he had lost millions of investors' dollars and planned to kill himself.

A Florida judge declared him dead about a year ago.

Prosecutors say Price raised $40 million from investors, and lost much of the money.
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Information from: The Atlanta Journal-Constitution, http://www.ajc.com


News Release: Department of Justice

Updated: January 1, 2014, 12:15pm

SAVANNAH, GA: Aubrey Lee Price, 47, originally from Lyons, Georgia, who was indicted in July 2012 by a federal grand jury sitting in the Southern District of Georgia on a charge that he defrauded the Montgomery Bank & Trust, Ailey, Georgia, of over $21 million, was arrested yesterday by members of the Glynn County Sheriff’s Department conducting a random vehicle and traffic stop.

According to the allegations in the Indictment against Price, in 2010, an investment group controlled by Price invested approximately $10 million in the failing Montgomery Bank & Trust (“MB&T”). Price was then made a director of MB&T and put in charge of investing the bank’s capital. Over the next eighteen months, Price stole, misappropriated and embezzled over $21 million from MB&T. To cover up his fraud, Price provided MB&T officials with bogus account statements which falsely indicated the bank’s capital was safely held in an account at a financial services firm.

Before today’s arrest, Price was last seen in June 2012, boarding a ferry terminal in Key West, Florida, bound for Fort Myers, Florida. Price disappeared after writing a letter to acquaintances and regulators that he had lost a large amount of money, and that he planned to take his own life.

The FBI has been actively searching for Price since the date of his disappearance. Price was arrested by deputies from the Glynn County Sheriff’s Department on Interstate 95 in Brunswick, Georgia, for a vehicle and traffic violation. When deputies learned of Price’s true identity, he was taken into custody.

Price will make his initial appearance on the federal arrest warrants on January 2, 2013, at 10:00 a.m., at the federal courthouse in Brunswick, Georgia.

In the Southern District of Georgia, Price is charged with one count of bank fraud, which carries a maximum sentence of 30 years in prison and a fine of up to $1,000,000. Price faces additional charges in New York. U. S. Attorney Edward Tarver emphasized that an indictment is only an accusation and is not evidence of guilt. The defendant is entitled to a fair trial, during which it will be the Government’s burden to prove guilt beyond a reasonable doubt.

The indictment of Price arises out of an ongoing and joint investigation by FDIC-OIG Special Agent John Crawford; Federal Reserve Board OIG Special Agent Amy Whitcomb; and, FBI Special Agent Ed Sutcliff. First Assistant United States Attorney James Durham and Assistant United States Attorney Brian Rafferty are prosecuting the case for the United States.


Associated Press News Release

BRUNSWICK, Ga. (AP) -- A south Georgia bank director accused of losing millions of investors' dollars before vanishing last year has been arrested.

The U.S. attorney's office in Savannah says 47-year-old Aubrey Lee Price was arrested Tuesday during a traffic stop on Interstate 95 in Brunswick by members of the Glynn County Sheriff's Department.

Price disappeared in June 2012 after sending a rambling confession letter to his family and investors saying he planned to drown himself off the Florida coast.

A Florida judge declared him dead about a year ago. But the FBI had said it didn't believe Price was dead and continued to search for him.

Prosecutors say Price raised $40 million from his bank and 115 investors, and lost much of the money.


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