Ex-banker accused of embezzlement arrested following disappearance

The intelligence of executives who commit fraud is one of the primary reasons why accounts payable audits are so vital at corporations. Unfortunately, some fraudsters are just as smart when it comes to avoiding capture as they are at embezzling funds.

WJCL reported that Aubrey Price, a former banker at Montgomery Bank and Trust in Ailey, Ga., was recently arrested by police during a traffic stop after he committed a road violation. Although he evaded authorities for 18 months, Price faces a charge of bank fraud for allegedly stealing $21 million from the bank at which he formerly worked.

Prior to his arrest, Price was last seen boarding a ferry in Key West, Fla., in June 2012, the source reported. At approximately that same time, the ex-banking executive sent a note to investors informing them that he had lost a large sum of their money and attempted to hide that fact through fraudulent means, according to a statement from the Securities and Exchange Commission.

"Price admits that he 'falsified statements with false returns' in order to conceal between $20-23 million dollars in investor losses," the federal complaint against Price alleged. The statement also claimed that over a three-year period, Price and accomplices raised $40 million by selling membership interests in unregistered funds.

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