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Price Estate Sues Local Bank Holding Co
Tuesday, 26 February 2013

February 26--  The estate of a missing investment banker is suing a local bank holding company and its directors for alleged fraudulent activities.

Florida attorney Melanie Damian filed a federal law suit against Montgomery County Bankshares, holding company for the now defunct Montgomery Bank and Trust, and its directors.

Damian is the court-appointed lawyer to recover Lee Price's assets and help investors recoup some of their losses.

Prosecutors say Price raised $40 million from the bank and 115 investors and lost most of the money.  He is alleged to have stolen up to $17 million before he vanished last summer.  

A Florida circuit court judge has issued a presumptive death certificate that he "took his own life at sea."  However, federal authorities are skeptical of Price's suicide and continue searching.

The federal civil suit claims Price and his investors would never have invested more than $10 million in Montgomery Bank and Trust had they known the true value of the bank's assets.

They claim the assets were overvalued by more than $50 million and want their investment returned.

The complaint claims the holding company directors are liable and names as defendants bank president Trae Dorough, Charles Clements, Larry Coleman, Mary Jeanne Fulmer, Greg Morris, Lloyd Moses, Thomas Peterson, William Peterson, Thomas Peterson III, Miller Robinson, John Robinson, Dee Ann McDaniel, Blanche Carswell, William Peterson Jr. and William Peterson,III.

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