VALDOSTA, Ga. — A nationwide search continues for a Georgia investment advisor who has been accused of embezzling nearly $40 million from his clients.
Little has been seen of Aubrey Lee Price, 46, since he left his family in mid-June after telling his wife he had an out-of-town business trip.
Since then the missing man has had the remaining assets of his firm frozen by the Security and Exchange Commission.
All of this has left about a hundred investors primarily in Florida and Georgia fearful that their money is gone.
Price, who was last seen in Key West, Fla., according to various reports, sent a letter to his clients in June telling them that his securities investments had suffered heavy losses. He indicated to them he was considering killing himself but no body has been discovered.
His investors had been shown bogus financial reports claiming their money were earning solid returns.
Price purported to invest fund assets in traditional marketable securities but also made liquid investments in South American real estate and a troubled Georgia bank, according to the SEC.
“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 release continued.
It is alleged that these activities began in 2008, according to Tuesday’s Litigation Release from the SEC. The objective was to achieve positive total returns with low volatility by investing in a variety of opportunities, including equity securities traded on U.S. markets.
Details for this story were provided by the Valdosta (Ga.) Daily Times.