FBI captures fugitive banker, accused of embezzling $20+ million - WALB.com, Albany News, Weather, Sports

FBI captures fugitive banker, accused of embezzling $20+ million

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(Source: AJC) (Source: AJC)
BRUNSWICK, GA (WALB) -

A bank director, wanted by the FBI, who was living in Lowndes County has been arrested in Brunswick, GA.

Aubrey Lee Price, 47, was taken into custody by investigators Tuesday.

He was indicted in July 2012 by a federal grand jury on embezzlement charges of more than $21 million.

Price is charged with one count of bank fraud, which carries a maximum sentence of 30 years in prison and up to a $1 million fine if convicted. He faces additional charges in New York.

Court documents say an investment group controlled by Price invested approximately $10 million in the failing Montgomery Bank & Trust. Price was then made a director of MB&T and put in charge of investing the bank's capital.

It was after that, federal investigators say Price stole, misappropriated and embezzled over $21 million from MB&T over the next 18 months.

Investigators say 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. As a result of the fraud in the indictment, the bank's cash assets and reserves were depleted.

Price will make his initial appearance on the federal arrest warrants on January 2, 2014, at 10:00 a.m., at the federal courthouse in Brunswick, Georgia.

The story of Price just before and after the indictment took many twists until now.

He was last seen in June 2012, boarding a ferry terminal in Key West, Florida, bound for Fort Myers.

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.

 

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