Not Dead: Former Bank Director Aubrey Lee Price. But, Under Arrest

 Aubrey Lee Price, a former director of Montgomery Bank & Trust (“MB&T”) in Ailey, Georgia, is not dead after all.

Well more than a year ago, Price sent acquaintances a suicide note stating that he planned to kill himself by throwing himself off a high speed ferry boat in Florida. He has been wanted since June 27, 2012, when a federal magistrate judge in New York issued a warrant for Price’s arrest based on a complaint filed by the U.S. Attorney for the Eastern District of New York.

Now, Price has been arrested. The Glynn County Georgia Sheriff’s Department grabbed him following a traffic stop.

According to prosecutors, Price managed investment funds PFG LLC and the Montgomery Growth Fund. Starting in or about June 2009, PFG raised approximately $40 million from approximately 115 investors from across the nation. Price unsuccessfully invested PFG funds in various equity securities, options, and real estate, including farms in South America. Allegedly, to cover up his losses, Price lied to his investors by posting fake account statements on a secure PFG website that fraudulently reflected fictitious assets and fabricated investment returns.

Prosecutors also alleged that Price told MB&T that he would invest the bank’s capital in U.S. Treasury securities but that, instead, he lost much of the bank’s money by investing in risky equity securities and options. According to the government, Price also embezzled MB&T money to pay redemptions to some PFG investors. Price is charged with covering up his embezzlement and the losses of MB&T’s funds by giving the bank’s management fabricated documents falsely indicating that approximately $17 million was on deposit in the bank’s name at a large financial services firm in New York.

“Aubrey Lee price created a life and death out of whole cloth, telling hundreds of investors and a Georgia bank that their money was safe when he was flying high, and telling the world he was dead when his lies crashed down around him,” stated U.S. Attorney for the Eastern District of New York Loretta Lynch. “But Price proved as unsuccessful at faking his own death as he was at faking his victims’ investments. Every person who seeks to harm our financial markets through fraud should be on notice. With the help of our law enforcements partners, both federal and local, we will find you, and we will hold you accountable for your behavior in a court of law.”

 Contact the author at smeyerow@optonline.net

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