The missing bank director accused of defrauding a South Georgia bank that failed last week was indicted Wednesday by a federal grand jury in Savannah.
Aubrey Lee Price, 46, allegedly embezzled or misappropriated $21 million from Ailey-based Montgomery Bank & Trust, which regulators shut down on Friday. He was previously charged with wire fraud by federal authorities in New York.
If convicted, Price would face up to 30 years in prison from each charge.
Authorities previous said he embezzled at least $17 million.
Price, who led an investment group that pumped $10 million into the struggling bank, allegedly took control of the institution's investment portfolio after becoming a director in late 2010. He's accused of presenting false financial statements to bank management to cover up the fraud that depleted the bank's reserves.
Price also is accused by the Securities and Exchange Commission in a civil complaint of defrauding more than 100 clients of his various investment businesses.
A letter bearing Price's name that was sent to friends and colleagues around the time of his disappearance in mid-June said he had lost millions of dollars in client funds and suggested he intended to commit suicide. Authorities say he was last seen on a ferry leaving Key West, Fla.
Price was believed to travel regularly to Venezuela and Guatemala. The FBI has offered up to $20,000 for information leading to his arrest.
About the Author
Keep Reading
The Latest
Featured
