Georgia banker who tried to fake his own death pleads guilty to - WCIV-TV | ABC News 4 - Charleston News, Sports, Weather

Georgia banker who tried to fake his own death pleads guilty to bank, wire, securities fraud

Posted: Updated:
Aubrey Lee Price Aubrey Lee Price
STATESBORO, Ga. -- Earlier today, Aubrey Lee Price, 47, pleaded guilty to bank, securities, and wire fraud to resolve charges brought in the Southern District of Georgia and the Eastern District of New York relating to a multi-million-dollar fraud scheme that Price executed to defraud dozens of investors and a federally insured bank. Based upon his guilty pleas, Price now faces up to 30 years in prison, millions of dollars in fines, and millions of dollars in restitution to the victims of his fraud. Today’s guilty plea took place before the Honorable B. Avant Edenfield, Senior United States District Judge for the Southern District of Georgia.

Southern District of Georgia United States Attorney Edward J. Tarver and Eastern District of New York United States Attorney Loretta E. Lynch announced the guilty pleas.

According to court filings and evidence presented at the guilty plea hearing, in 2010, an investment group controlled by Price invested approximately $10 million in the failing Montgomery Bank & Trust (MB&T), an FDIC-insured financial institution in Ailey, Georgia. Price was then made a director of MB&T and put in charge of investing the bank’s capital. Price told MB&T officials that he would invest the bank’s capital in U.S. Treasury securities, but instead, over the next 18 months, Price embezzled over $21 million in capital from MB&T and lost much of it by investing in risky equity securities and options. To cover up his fraud, Price provided MB&T officials with bogus account statements and other false documents which falsely indicated the bank’s capital was safely held in an account at a financial services firm, when in truth, most of the money was gone.

A further investigation of Price revealed that between June 2009 and June 2012, Price also defrauded numerous individuals who had invested in two investment funds Price managed, PFG LLC (PFG) and the Montgomery Growth Fund (Montgomery Growth). Price raised approximately $51 million from approximately 115 investors from across the country and unsuccessfully invested funds in various equity securities, options, and real estate, including farms in South America. To cover up his losses, Price posted fake account statements on a secure PFG website that fraudulently reflected fictitious assets and fabricated investment returns.

In mid-June 2012, Price sent acquaintances “suicide letters” in which he admitted he had defrauded MB&T Bank and his PFG investors and suggested that he planned to kill himself by throwing himself off a high-speed ferry boat after it left the coast of Florida. As a result of the suicide claim, the United States Coast Guard searched to no avail for Price’s body. Shortly after sending the letters, Price disappeared. After a several-month search, on December 31, 2013, Price was arrested after he presented a false identification to a member of the Glynn County Georgia Sheriff’s Department office during a routine traffic stop in Brunswick, Georgia.

U.S. Attorneys Tarver and Lynch credited the Federal Bureau of Investigation (FBI) in Georgia, under the direction of Special Agent in Charge Britt Johnson, and in New York, under the direction of Assistant Director in Charge George Venizelos, with the investigation leading to today’s guilty pleas. They also thanked the United States Attorney’s Office for the Southern District of Florida; the United States Attorney’s Office for the Northern District of Georgia; the Securities and Exchange Commission (SEC), Atlanta Regional Office; the Federal Deposit Insurance Corporation (FDIC); the Federal Reserve Board; the Office of Inspector General; the United States Coast Guard; the United States Department of Labor; the Lowndes County Georgia Sheriff’s Department; the Glynn County Georgia Sheriff’s Department; the Toombs County Georgia Sheriff’s Department; and the Marion County Florida Sheriff’s Department for their cooperation and assistance in the investigation and prosecution of Price.

The government is represented by Assistant United States Attorneys Brian T. Rafferty, T. Shane Mayes, First Assistant United States Attorney James D. Durham of the U.S. Attorney’s Office for the Southern District of Georgia, Assistant United States Attorneys Shannon C. Jones, and Brian Morris of the U.S. Attorney’s Office for the Eastern District of New York.

Source:  FBI News Release

  • Birmingham Area NewsMore>>

  • Birmingham Mayor, Leaders applaud DNC site visit

    Birmingham Mayor, Leaders applaud DNC site visit

    Tuesday, July 22 2014 12:46 PM EDT2014-07-22 16:46:42 GMT
    Birmingham Mayor William Bell said Tuesday the site visit by the Democratic National Committee has been a success so far. A DNC team is on a two-day site visit evaluating Birmingham's capability of hostingMore >>
    Birmingham Mayor William Bell said Tuesday the site visit by the Democratic National Committee has been a success so far.More >>
  • SCLC National Convention schedule

    SCLC National Convention schedule

    Tuesday, July 22 2014 9:00 AM EDT2014-07-22 13:00:19 GMT
    The SCLC National Convention scheduleMore >>
    The SCLC National Convention scheduleMore >>
  • DNC's first day on Birmingham site visit

    DNC's first day on Birmingham site visit

    Tuesday, July 22 2014 8:26 AM EDT2014-07-22 12:26:14 GMT
    It's been a full day of sightseeing for a team with the Democratic National Committee.A 12-member group is touring a variety of Birmingham hotels, attractions and venues Monday as part of a two-day site visit.Birmingham is one of five cities vying to hose the Democratic National Convention in 2016. The committee is in the Magic City to see if it has the hotel and venue space to pull off the large-scale event.ABC 33/40 went alongside the team for part of its day. Members saw the Birmingham Mus...More >>
    It's been a full day of sightseeing for a team with the Democratic National Committee.A 12-member group is touring a variety of Birmingham hotels, attractions and venues Monday as part of a two-day site visit.Birmingham is one of five cities vying to hose the Democratic National Convention in 2016. The committee is in the Magic City to see if it has the hotel and venue space to pull off the large-scale event.ABC 33/40 went alongside the team for part of its day. Members saw the Birmingham Mus...More >>
  • Anniston - Gadsden Area NewsMore>>

  • Body pulled from Weiss Lake identified as missing woman

    Body pulled from Weiss Lake identified as missing woman

    Monday, July 21 2014 6:00 PM EDT2014-07-21 22:00:41 GMT
    DeKalb County sheriff's officials say a body that was pulled from Weiss Lake in Leesburg has been identified as a 20-year-old woman who was recently reported missing. Sheriff Jimmy Harris says the body of Sarah Jane Ortiz of Valley Head was found in the lake by a fisherman on Friday. Harris says the woman's body was positively identified on Monday at a forensics lab in Huntsville. Harris says Ortiz was reported missing July 16 by friends and relatives after she failed to return home on July 1...More >>
    DeKalb County sheriff's officials say a body that was pulled from Weiss Lake in Leesburg has been identified as a 20-year-old woman who was recently reported missing. Sheriff Jimmy Harris says the body of Sarah Jane Ortiz of Valley Head was found in the lake by a fisherman on Friday. Harris says the woman's body was positively identified on Monday at a forensics lab in Huntsville. Harris says Ortiz was reported missing July 16 by friends and relatives after she failed to return home on July 1...More >>
  • JSU President announces retirement

    JSU President announces retirement

    Monday, July 21 2014 3:17 PM EDT2014-07-21 19:17:37 GMT
    The longtime president of Jacksonville State University says he will retire next year. Bill Meehan told trustees that he's stepping down as of June 2015. The school announced his decision on its Facebook page. The delay in Meehan's departure provides a chance for board members to name a successor. Meehan has been president since July 1, 1999. Meehan is a Jacksonville State alumnus who started working at the school as a biology instructor. He held other positions at the northeast Alabama campu...More >>
    The longtime president of Jacksonville State University says he will retire next year. Bill Meehan told trustees that he's stepping down as of June 2015. The school announced his decision on its Facebook page. The delay in Meehan's departure provides a chance for board members to name a successor. Meehan has been president since July 1, 1999. Meehan is a Jacksonville State alumnus who started working at the school as a biology instructor. He held other positions at the northeast Alabama campu...More >>
  • Southside woman arrested for Chemical Endangerment of a Child

    Southside woman arrested for Chemical Endangerment of a Child

    Monday, July 21 2014 2:50 PM EDT2014-07-21 18:50:43 GMT
    An Etowah County woman has been arrested for chemical endangerment of a child, according to Sheriff Todd Entrekin.Investigator Haydyn Hedgspeth states, “Christina Goodson Amberson, 36, of Southside, was charged on July 16 with one count of chemical endangerment of exposing a child to an environment in which controlled substances are ingested, produced or distributed, which is a felony.”Amberson admitted to using methamphetamine. She is approximately 5 months pregnant.“It is simply unacceptabl...More >>
    An Etowah County woman has been arrested for chemical endangerment of a child, according to Sheriff Todd Entrekin.Investigator Haydyn Hedgspeth states, “Christina Goodson Amberson, 36, of Southside, was charged on July 16 with one count of chemical endangerment of exposing a child to an environment in which controlled substances are ingested, produced or distributed, which is a felony.”Amberson admitted to using methamphetamine. She is approximately 5 months pregnant.“It is simply unacceptabl...More >>
  • Tuscaloosa Area NewsMore>>

  • Warrants issued to arrest Forkland mayor

    Warrants issued to arrest Forkland mayor

    Tuesday, July 22 2014 8:24 AM EDT2014-07-22 12:24:52 GMT

    Warrants allege: Theft of Property & Tampering Govt Records

    More >>

    Warrants allege: Theft of Property & Tampering Govt Records

    More >>
  • Tuscaloosa police on the look out for a murder suspect

    Tuscaloosa police on the look out for a murder suspect

    Sunday, July 20 2014 2:21 PM EDT2014-07-20 18:21:54 GMT
    At approximately1:40 am this morning Tuscaloosa Police responded to a reported shooting in the 4700 block of East McFarland Blvd (Motel 6). When officers arrived, they found the victim, 21 year old Jamarcus Marquez Roberts in his vehicle. Roberts had crashed into the shrubs at the entrance to the motel parking lot. Roberts was treated at the scene and transported to DCH-ED, however he died from his injuries. The victim appears to have been shot one time in the chest. Investigators were able t...More >>
    At approximately1:40 am this morning Tuscaloosa Police responded to a reported shooting in the 4700 block of East McFarland Blvd (Motel 6). When officers arrived, they found the victim, 21 year old Jamarcus Marquez Roberts in his vehicle. Roberts had crashed into the shrubs at the entrance to the motel parking lot. Roberts was treated at the scene and transported to DCH-ED, however he died from his injuries. The victim appears to have been shot one time in the chest. Investigators were able t...More >>
  • Tuscaloosa Police investigating a murder on East McFarland Blvd.

    Tuscaloosa Police investigating a murder on East McFarland Blvd.

    Sunday, July 20 2014 2:09 PM EDT2014-07-20 18:09:31 GMT
    Tuscaloosa Police are investigating a murder on East McFarland Blvd. at the Motel 6.  More >>
    Tuscaloosa Police are investigating a murder on East McFarland Blvd. at the Motel 6.  More >>
Most Popular
Stories
Videos
loading...
Powered by WorldNow

ABCNews4 WCIV-TV

888 Allbritton Dr.
Mt. Pleasant, SC 29464
843-881-4444 | Advertising Information

Public Information File

For assistance with accessing WCIV-TV's public information file, click here.

Advertising

Advertising Credit Application and Terms and Conditions PDF.

Powered by WorldNow
All content Copyright © 2014 WCIV and Worldnow. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.