Missing Georgia banker indicted on federal charges - wistv.com - Columbia, South Carolina

Missing Georgia banker indicted

Georgia regulators closed Montgomery Bank & Trust on July 6 and appointed the FDIC as the receiver. Georgia regulators closed Montgomery Bank & Trust on July 6 and appointed the FDIC as the receiver.
SAVANNAH, GA (WTOC) -

A man who went missing ahead of an FBI investigation was indicted Wednesday on charges that he defrauded the Montgomery Bank & Trust of more than $21 million.

Aubrey Lee Price, 46, who is originally from Lyons, has been missing for more than three weeks. He is charged with one count of bank fraud, which carries up to 30 years in prison and a fine of up to $1 million, according to the U.S. Attorney's Office for the Southern District of Georgia. 

Georgia regulators closed Montgomery Bank & Trust on July 6 and appointed the FDIC as receiver.

In 2010, Price controlled an investment group that invested an estimated $10 million in the failing Montgomery Bank & Trust and was then made a director of MB&T and put in charge of investing the bank's capital, according to the U.S. Attorney's Office.

Price stole, misappropriated and embezzled more than $21 million from MB&T over the next 18 months and gave bank officials bogus account statements that made it look like the bank's funds were being held at a financial services firm, according to the U.S. Attorney's Office. The bank's cash assets and reserves were depleted.

"Montgomery Bank & Trust is the 32nd FDIC-insured bank to fail in the nation this year, and the 6th in Georgia. When bank failures are caused by the greed and criminal conduct of others, those responsible will be investigated and prosecuted to the fullest extent of the law by our team of federal agents and prosecutors," said U.S. Attorney Edward J. Tarver in a statement.

Copyright 2012 WTOC. All rights reserved.

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