clear
Thursday July 30th, 2015 12:17PM

Plea deal awaits Ga. banker who lost clients' $21M

By The Associated Press
STATESBORO, Ga. (AP) - A former southeast Georgia banker accused of embezzling and losing $21 million of investors' money, then vanishing for 18 months before he was arrested in a traffic stop, has agreed to settle his case with a plea deal, a federal prosecutor said Tuesday. <br /> <br /> Aubrey Lee Price, 47, of Valdosta left suicide letters when he went missing in June 2012 and was later declared dead by a Florida judge. His time as a fugitive ended on New Year's Eve when a sheriff's deputy in coastal Georgia pulled over a pickup truck and found Price behind the wheel, alive and well. <br /> <br /> Price has been jailed in Statesboro since then and was scheduled to stand trial June 23 in U.S. District Court on bank fraud charges. But during a pre-trial hearing Tuesday, prosecutors told a judge that Price has agreed to a plea deal. They expect it to be finalized in court Thursday. <br /> <br /> ``We have a plea agreement in place,'' said Brian Rafferty, an assistant U.S. attorney who's the lead prosecutor on the case. <br /> <br /> Price's defense attorney, Joshua Lowther, declined to comment. Price previously pleaded not guilty. <br /> <br /> Prosecutors say Price misspent, embezzled and lost $21 million and faked financial records to try to cover his tracks before he disappeared two years ago. He sent letters to his family and acquaintances saying he was ``incapable of continuing in this life.'' The Montgomery Bank & Trust, a rural southeast Georgia bank at which Price served as a director since 2010, closed a few weeks after Price vanished. Its assets and reserves were depleted. <br /> <br /> Price became a bank director in December 2010 when a company he controlled bought a controlling portion of the bank's stock, according to federal prosecutors. Price then opened brokerage accounts through a firm in New York and told bank managers he would invest in U.S. Treasury securities. <br /> <br /> Instead of investing the bank's money, authorities say Price wired the funds into accounts he controlled at other financial institutions and provided bank managers with fraudulent documents. <br /> <br /> In the rambling letter he left, Price denied stealing his clients' money, saying he lost it all through bad investments. ``I created false statements, covered up my losses and deceived and hurt the very people I was trying to help,'' the letter said.
© Copyright 2015 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
US stocks post sixth straight year of gains
U.S. stocks ended a strong 2014 with moderate declines Wednesday.
4:43PM ( 6 months ago )
Palestinians push ahead in pursuit of war crimes charges against Israel
Stung by a resounding defeat in the U.N. Security Council, the Palestinians announced Wednesday that they joined the International Criminal Court to pursue war crimes charges against Israel.
1:57PM ( 6 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 6 months ago )
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 6 months ago )
Sheriff: Man shot 2 on I-85 because he wanted car
A 22-year-old man shot two people who stopped to give him a ride on Interstate 85 in South Carolina on Christmas Eve because he wanted their car to drive to Georgia, a sheriff said Wednesday.
5:21PM ( 6 months ago )
Local/State News
Applications for US jobless aid rise to still-low 267,000
WASHINGTON (AP) — More people sought U.S. unemployment benefits last week, though the increase was from a very low level and the figures still point to a healthy job market.Applications for jobless ai...
8:48AM ( 3 hours ago )
Coca-Cola Enterprises beats 2Q Wall Street expectations
Coca-Cola Enterprises Inc. (CCE) on Thursday reported second-quarter net income of $176 million.
8:24AM ( 3 hours ago )
Asian stocks mixed after Fed leaves rates unchanged
BEIJING (AP) — Chinese stocks held steady Thursday following this week's turbulence while other Asian markets were mixed after the U.S. Federal Reserve left interest rates unchanged at a record low.KE...
12:52AM ( 11 hours ago )
Average US vehicle age hits record 11.5 years
DETROIT (AP) — In the age of Apple's CarPlay, a lot of cars on the road still have tape decks.The average vehicle in the U.S. is now a record 11.5 years old, according to consulting firm IHS Automotiv...
7:01PM ( 17 hours ago )
Los Angeles leaders outlaw high-capacity gun magazines
LOS ANGELES (AP) — The nation's second-largest city is poised to ban possession of firearm magazines that hold more than 10 rounds of ammunition, stepping into the national debate over gun regulation...
6:13PM ( 18 hours ago )