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Plea Hearing for Price
Tuesday, 03 June 2014

June 3--  Lee Price is expected to plead guilty to bank fraud at a hearing Thursday in U.S. District Court in Statesboro.

According to reports from the Associated Press in the AJC, a plea agreement has been reached with the former banker accused of embezzling more than $21 million from the now defunct Montgomery Bank and Trust.

Price faked his death and was captured New Year's Eve after 18 months on the run.

According to the AJC, "Prosecutors said Price took control of the bank’s securities portfolio and diverted money from bank reserves, then lost it in speculative trading and other investments. Price separately is accused in a civil case of misappropriating funds from clients in his investment business.
 
"In June 2012, Price disappeared and the bank failed the following month. In suicide notes sent to his family and associates, Price admitted to misappropriating money and producing false financial statements in frenzied attempts to make back heavy losses.

"He was seen boarding a ferry in Key West, Fla., and later declared dead by a Florida court. Price was arrested on Dec. 31 near Brunswick, Ga., following a traffic stop.

In April, prosecutors expanded the indictment against Price from one felony charge of bank fraud to 17."

Since his incarceration, Price has been writing a book in jail and has reportedly received offers for movie rights to his story.

A lengthy article on "The Many Lives of Lee Price" can be read on the web at www.atlantamagazine.com.

 

 
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