The man known as Georgia’s “dead” banker, Aubrey Lee Price, has been locked away in federal prison for more than a year now.
But a number of the victims of his financial fraud thought they’d found a measure of closure when an arbitration panel found in their favor and awarded a judgment against an investment firm once affiliated with Price.
The arbitration panel under financial industry watchdog Finra found Atlanta-based FSC Securities Corp. did not properly supervise Price and two other brokers who directed clients to Price after he left to start his own firm. Eight investors in the recent case were awarded a combined $1.3 million.
Price made international headlines in recent years after running a scheme that ripped off dozens of clients and contributed to the failure of a small south Georgia bank. Price faked his death and spent 18 months on the lam before being captured on New Year's Eve 2013 near the Georgia coast.
What Price's investors thought was a victory, however, has turned into a waiting game as FSC has taken the relatively rare step of asking a judge to vacate the arbitration panel's award.
The firm alleges misconduct by the panel in its appeal, which could take a long time to be resolved in the traditional justice system.
On our premium website, myAJC.com, read more about the Price and this unusual twist to a case.
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