The man, Aubrey Lee Price, is accused by federal prosecutors of embezzling $17 million in bank funds from Montgomery Bank & Trust in Ailey, Ga. The Securities and Exchange Commission has filed a complaint in federal court in Atlanta saying he defrauded investors. The Federal Deposit Insurance Corporation (FDIC) on Friday said it seized Montgomery Bank & Trust.
According to the SEC lawsuit, Price had raised roughly $40 million from about 115 investors, mostly in Georgia and Florida, through the sale of membership interests in his investment firm.
Price operated another firm, Next Level Investment Company, from August 1998 to January 2002, with a Teamon Road address. According to the Georgia Secretary of State’s office, Price was CEO and he had a Smoak Field Road address.
(For the complete story, see tomorrow's print edition.)