Banker makes first federal court appearance since arrest - WALB.com, South Georgia News, Weather, Sports

Banker makes first court appearance since arrest

Lee Price leaving federal court in Brunswick. (Source: WJXT) Lee Price leaving federal court in Brunswick. (Source: WJXT)
Lee Price stands before federal judge. (Source: WSB) Lee Price stands before federal judge. (Source: WSB)
FBI photo released in 2012 of Lee Price (Source: FBI) FBI photo released in 2012 of Lee Price (Source: FBI)
Lee Price (Source: Glynn County Sheriff's Office) Lee Price (Source: Glynn County Sheriff's Office)
BRUNSWICK, GA (WTOC) -

A banker accused of embezzling more than $21 million appeared before a federal magistrate in Brunswick on a one-count bank fraud indictment.

Lee Price, 47, who is originally from Lyons, GA, was arrested by Glynn County sheriff's deputies on Tuesday when he was pulled over on Interstate 95 for a window tint violation, according to the Glynn County Sheriff E. Neal Jump.

Price's family reported him missing on June 18, 2012, according to the U.S. Coast Guard. A federal arrest warrant was issued for Price in the U.S. District Court, Eastern District of New York on June 28, 2012. Price was indicted on bank fraud charges on July 11, 2012.

Price invested $10 million into the failing Montgomery Bank and Trust. He was then made a director of MB&T and put in charge of investing the bank's capital, according to the U.S. Attorney's Office for the Southern District of Georgia.

During an 18-month period, Price stole, misappropriated and embezzled more than $21 million and covered up the fraud by providing MB&T officials with false account statements, according to the U.S. Attorney's Office. These statements indicated that the bank's capital was safely held in an account at a financial services firm.

In court Thursday, Price didn't say anything, but his lawyer told the judge that Price has been homeless for the last year and a half; working for cash as a migrant worker and had no assets. The U.S. Attorney's Office has him to be held without bond.

A bond hearing is scheduled for 9 a.m. Monday in Savannah.

Copyright 2014 WTOC. All rights reserved.

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