Fugitive Fraudster Aubrey Price Pleads Guilty
Posted by Brenda Hamilton Securities Attorney
On June 5, 2014, fugitive banker Aubrey Price plead guilty to bank, securities and wire fraud charges. Aubrey Price faces up to 30 years in prison and millions in restitution and fines.
In 2012, Price controlled more than $10 million of investor funds that were put invested into Montgomery Bank Trust, a small bank located in Alabama. After being named a director of the bank, Aubrey Price caused the loss of more than $21 million of bank funds which he misappropriated, embezzled and lost in speculative trading and other bad investments.
To hide the fraud and investment losses, Aubrey Price created fabricated account statements and other documents. Regulators eventually shut down the bank after his activities were detected. To avoid being apprehended, in 2012, Aubrey Price left a suicide note and faked his own death. He was missing more than a year before being apprehended during a traffic stop in December of 2013. Sentencing for Aubrey Price has not yet been set.
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