Banker Involved In Wire Fraud Rises From the Dead

Aubrey Lee Price, a banker wanted for $21 million wire fraud, was arrested in south Georgia. The banker had fooled many into thinking he had committed suicide in 2012 after he told family he was planning on jumping from a boat in the Florida Keys. The banker was pulled over for having illegal window tint and was subsequently arrested. He has pleaded not guilty to federal bank fraud charges.

Aubrey Lee Price became director of Montgomery Bank & Trust in Ailey, Georgia in December 2010, where he started to open brokerage accounts through a securities clearing and custodian firm in New York. Price had told managers that he was going to invest in U.S. Treasury securities, but instead, Price wired the funds into accounts controlled at other financial institutions. Price raised approximately $40 million from 115 investors.

Price was accused of defrauding Montgomery Bank & Trust in 2012. It was not long after the accusations began that Price set out on a new scheme; this new scheme was to convince his loved ones and those close to him that he was going to commit suicide. How did he get away with this plan? After leaving his family to go on a "business trip," he sent letters to his family and friends saying that he could not continue to live his life. He told those around him about his plans to commit suicide and how he would end his life. Then he purchased diving weights, boarded a ferry in Key West, and was not seen again for the next 18 months. Price had been declared dead at the request of his wife approximately 6 months after he had gone missing.

But after 18 months, Price was pulled over on New Years Eve for illegal tint on his truck's windows. Although Price had changed his appearance significantly, after a bit of questioning the police realized who he was. Since Price's arrest, he has pleaded not guilty to the federal bank fraud charges. He has also disclosed to the authorities about his way of life as a fugitive. Price told authorities that he has been working odd jobs and performing migrant labor.

Sources:

NY Daily News, "'Dead' banker, Aubrey Lee Price, arrested on $21M fraud charges 18 months after claimed suicide", Nina Golgowski, January 1, 2014

CBS News, "Aubrey Price, Former Banker, Pleads Not Guilty to Fraud", January 8, 2014

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