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Authorities are searching for Aubrey Lee Price, a former director of Montgomery Bank & Trust, on charges that he bilked investors out of $40 million since 2008.
July 9 -
The Georgia Department of Banking and Finance closed Montgomery Bank & Trust in Ailey on Friday. Ameris Bank in Moultrie, Ga., agreed to assume all of the bank's $164.4 million in deposits.
July 6 -
The Federal Deposit Insurance Corp. urged bank CEOs to watch out for middlemen seeking upfront fees to connect them with capital because, it says, many are frauds. The alert should have come sooner, some industry officials say.
July 26 -
A fraud case that contributed to the recent failure of Montgomery Bank in Georgia could lead to more regulatory scrutiny when community banks look for outside investors.
July 12
A former bank director accused of spearheading a massive investment scheme was arrested after a year and a half on the lam.
Police in Glynn County, Ga., caught Aubrey Lee Price on Tuesday when they stopped his vehicle for a traffic violation, according to multiple news reports. Price, 47,
Price faces securities and wire fraud charges stemming from his tenure as a private investment fund manager and director of the failed Montgomery Bank & Trust in Ailey, Ga. Starting in early 2011, he allegedly embezzled roughly $17 million in funds that he was supposed to invest on behalf of the bank, according to
"Price opened brokerage accounts that cleared through a securities clearing and custodial firm in New York and told the bank's management that he would invest the bank's capital in treasury securities," the complaint said. "Instead of investing the money as promised, Price fraudulently wired the bank's funds to accounts that he personally controlled at other financial institutions and provided bank management with altered documents to make it appear as if he had invested the bank's money in treasury securities."
Price, who managed investment funds PFG LLC and Montgomery Growth Fund, is also accused of covering up bad investments by falsifying account statements on his company's website. Price was
Regulators