Several clients of a once-fugitive South Georgia banker and investment adviser have won a judgment against an Atlanta firm formerly affiliated with the adviser.
FINRA, a non-government financial industry watchdog, ordered FSC Securities Corp. to pay about $845,000 in damages and attorneys’ fees to five former clients of Aubrey Lee Price, according to FINRA documents.
Price pleaded guilty in June to defrauding clients and embezzling money from a troubled bank he and a group of his investors took over. Price left suicide notes and disappeared in June 2012 shortly before the bank failed. But authorities believed his planned suicide was a ruse. He was captured on Dec. 31 near Brunswick following a traffic stop.
Lawyers for Price's clients accused FSC, among other things, of failing to properly supervise Price. A lawyer for FSC did not return a message seeking comment. Price is scheduled to be sentenced on Tuesday in federal court in Statesboro.
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