'Dead' American banker Aubrey Lee Price arrested in connection with multi-million dollar fraud case

A Florida judge declared former banker Aubrey Lee Price dead in 2012

A former banker wanted by the FBI in relation to a multi-million dollar fraud case has been arrested...After being declared dead a year ago.

Authorities believe Aubrey Lee Price, 47, faked his own death to escape prosecution over allegations of embezzlement and fraud in connection with an investment scheme while he was the director of the Montgomery Bank & Trust.

After spending more than a year on the run, he was finally caught in a routine stop for a minor traffic violation in Brunswick, Georgia on Tuesday.

The FBI Lee confirmed  Price had been captured, but did not provide further details about his arrest.

Price was last seen in June 2012  boarding a ferry boat in Key West, Florida, after sending a letter to his family saying he had lost millions of dollars and planned to kill himself by "jumping off a ferry boat".

"My depression and discouragement have driven me to deep anxiety, fear and shame. I am emotionally overwhelmed and incapable of continuing in this life,"  said a confession letter investigators believe was written by Price.

"I created false statements, covered up my losses and deceived and hurt the very people I was trying to help," he is alleged to have written.

A Florida judge declared him legally dead. But the FBI continued the search offering a reward of up to $20,000 (£12,000) for information leading to his arrest.

A complaint filed in a US federal court claimed that Price and others "raised approximately $40 (£24m) million from approximately 115 investors", and then mismanaged the funds at the expense of those investors.

Price allegedly transferred more than $20 million (£12m)  to accounts that he personally controlled, falsified information and concealed the extend of his trading losses.

"In order to conceal mounting losses of investor funds, Price created bogus account statements with false account balances and returns that were provided to investors and bank regulators," the US Securities and Exchange Commission said in a statement.

An arrest warrant was issued by a federal grand jury in the Eastern District of New York in January 2013, he faces up to 30 years in prison if found guilty of wire fraud and 25 years for securities fraud.

Suggested Topics
Start your day with The Independent, sign up for daily news emails
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Games Developer - HTML5

£28000 - £45000 per annum: Recruitment Genius: With extensive experience and a...

Recruitment Genius: Personal Tax Senior

£26000 - £34000 per annum: Recruitment Genius: This is an opportunity to join ...

Recruitment Genius: Assistant Product Manager

Negotiable: Recruitment Genius: Due to on-going expansion, this leading provid...

Recruitment Genius: Shift Leaders - Front of House Staff - Full Time and Part Time

£6 - £8 per hour: Recruitment Genius: This is an opportunity to join a family ...

Day In a Page

Mullah Omar, creator of the Taliban, is dead... for the fourth time

Mullah Omar, creator of the Taliban, is dead... again

I was once told that intelligence services declare their enemies dead to provoke them into popping up their heads and revealing their location, says Robert Fisk
Margaret Attwood on climate change: 'Time is running out for our fragile, Goldilocks planet'

Margaret Atwood on climate change

The author looks back on what she wrote about oil in 2009, and reflects on how the conversation has changed in a mere six years
New Dr Seuss manuscript discovered: What Pet Should I Get? goes on sale this week

New Dr Seuss manuscript discovered

What Pet Should I Get? goes on sale this week
Oculus Rift and the lonely cartoon hedgehog who could become the first ever virtual reality movie star

The cartoon hedgehog leading the way into a whole new reality

Virtual reality is the 'next chapter' of entertainment. Tim Walker gives it a try
Ants have unique ability to switch between individual and collective action, says study

Secrets of ants' teamwork revealed

The insects have an almost unique ability to switch between individual and collective action
Donovan interview: The singer is releasing a greatest hits album to mark his 50th year in folk

Donovan marks his 50th year in folk

The singer tells Nick Duerden about receiving death threats, why the world is 'mentally ill', and how he can write a song about anything, from ecology to crumpets
Let's Race simulator: Ultra-realistic technology recreates thrill of the Formula One circuit

Simulator recreates thrill of F1 circuit

Rory Buckeridge gets behind the wheel and explains how it works
Twitter accused of 'Facebookisation' over plans to overhaul reverse-chronological timeline

Twitter accused of 'Facebookisation'

Facebook exasperates its users by deciding which posts they can and can’t see. So why has Twitter announced plans to do the same?
Jane Birkin asks Hermès to rename bag - but what else could the fashion house call it?

Jane Birkin asks Hermès to rename bag

The star was shocked by a Peta investigation into the exotic skins trade
10 best waterproof mascaras

Whatever the weather: 10 best waterproof mascaras

We found lash-enhancing beauties that won’t budge no matter what you throw at them
Diego Costa biography: Chelsea striker's route to the top - from those who shared his journey

Diego Costa: I go to war. You come with me...

Chelsea's rampaging striker had to fight his way from a poor city in Brazil to life at the top of the Premier League. A new book speaks to those who shared his journey
Ashes 2015: England show the mettle to strike back hard in third Test

England show the mettle to strike back hard in third Test

The biggest problem facing them in Birmingham was the recovery of the zeitgeist that drained so quickly under the weight of Australian runs at Lord's, says Kevin Garside
Women's Open 2015: Charley Hull - 'I know I'm a good golfer but I'm also just a person'

Charley Hull: 'I know I'm a good golfer but I'm also just a person'

British teen keeps her feet on ground ahead of Women's Open
Turkey's conflict with Kurdish guerrillas in Iraq can benefit Isis in Syria

Turkey's conflict with Kurdish guerrillas in Iraq can benefit Isis in Syria

Turkish President Erdogan could benefit politically from the targeting of the PKK, says Patrick Cockburn
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn or a return to a Labour government

Our choice is years of Tory rule under Corbyn or a return to a Labour government

Yvette Cooper urged Labour members to 'get serious' about the next general election rather than become 'a protest movement'