Arbiter sides with clients in ‘dead’ banker case
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.
About the Author
J. Scott Trubey is the senior editor over business, climate and environment coverage at The Atlanta Journal-Constitution. He previously served as a business reporter for the AJC covering banking, real estate and economic development. He joined the AJC in 2010.
