Fugitive Georgia Banker Aubrey Lee Price Caught at Traffic Stop
SAVANNAH — Law enforcement officials wrapped up 2013 by arresting a former Georgia banker, accused of defrauding his bank of $21 million, who had been on the run for a year and a half.
Aubrey Lee Price, 47,of Lyons, was captured when his vehicle was stopped by deputies with the Glynn County Sheriff’s Office during a traffic stop on New Year’s Eve, U.S. Attorney Edward J. Tarver of the Southern District of Georgia said in a news release issued Tuesday night by the FBI.
Price had been wanted by federal authorities since his July 2012 indictment by a federal grand jury accusing him of defrauding Montgomery Bank & Trust of Ailey of more than $21 million. According to the allegations in the indictment against him, in 2010 an investment group controlled by Price invested about $10 million in the failing Montgomery Bank & Trust. He was then made a director of MB&T and put in charge of investing the bank’s capital.
Over the next 18 months, the indictment states, Price stole, misappropriated and embezzled more than $21 million from MB&T. To cover up the fraud, prosecutors say, Price provided MB&T officials with bogus account statements that falsely indicated the bank’s capital was safely held in an account at a financial services firm.
Price had been last spotted in June 2012 boarding a ferry at Key West, Fla., that was bound for Fort Myers, Fla. Before his disappearance, prosecutors said, Price wrote a letter to acquaintances and regulators, saying he had lost a large amount of money and planned to commit suicide.
The FBI had been searching for the fugitive banker since that time.
Prosecutors said Price was arrested after sheriff’s deputies in Glynn County pulled over his vehicle on Interstate Highway 95 at Brunswick for a vehicle and traffic violation. Once they realized who he was, he was arrested.
Price, who is charged with one count of bank fraud, is scheduled to make his initial appearance on the federal arrest warrants at 10 a.m. Thursday at the federal courthouse in Brunswick. He also faces charges in New York.
If convicted of the fraud charge, he faces a maximum sentence of 30 years in prison and a $1 million fine.
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Re: Fugitive Georgia Banker Aubrey Lee Price Caught at Traffic Stop
He 'Broke Bad'.