Aubrey Lee Price, the former Director of Montgomery Bank & Trust in Ailey, Georgia, was arrested last week following a traffic stop on Interstate 95, as reported by the Associated Press. Price is under indictment in Federal court in Georgia and New York. The U.S. Securities and Exchange Commission has also filed a civil complaint… Continue Reading
Category Archives: Bank Fraud
Subscribe to Bank Fraud RSS FeedEllijay VP of Appalachian Community Bank Sentenced to 5 Years, 10 Months
Posted in Bank Fraud, SentencingAdam Teague of Ellijay, Georgia, former Senior Vice President of Appalachian Community Bank, was sentenced to 5 years’ and 10 months’ imprisonment Friday after pleading guilty last August to conspiracy and fraud charges in the U.S. District Court for the Northern District of Georgia. Teague was also ordered to pay $5.8 million in restitution, his… Continue Reading
Former FirstCity Bank CEO Sentenced to 12 Years for Multimillion Fraud Scheme
Posted in Bank FraudFormer President, Chief Executive Officer, Acting Chairman and Vice Chairman of FirstCity Bank Mark A. Conner was sentenced to 12 years’ imprisonment in the U.S. District Court for the Northern District of Georgia, as reported in the Canton-Sixes Patch. He had been indicted in March, along with FirstCity Vice President Clayton A. Coe. Conner and… Continue Reading
Former Director of Montgomery Bank & Trust Indicted for Embezzling $17 Million; Has Fled; Possible Suicide
Posted in Bank FraudAubrey Lee Price, former Director of Montgomery Bank & Trust, was indicted yesterday in the U.S. District Court for the Southern District of Georgia in Savannah on charges of embezzling approximately $17 million from the bank. Price, however, disappeared in mid-June, according to SFGate. Price left a rambling confession which has caused investigators to believe… Continue Reading
What is the Deal With this Administration’s Handling of the Mortgage Crisis?
Posted in Bank Fraud, Financial Institution Fraud, FraudI began working as an Assistant U.S. Attorney in 1990, just this side of the Savings and Loan crisis caused by the implosion of the real estate market and the criminal dealings in that industry. To understand how quickly history repeats itself, check out this interesting analysis by the FDIC and its ironic title –… Continue Reading
Former Community Bank & Trust Executive Pleads Guilty to Fraud Charges
Posted in Bank Fraud, FraudRandy Jones, a former executive vice president with Community Bank & Trust who worked for the bank for 30 years, pled guilty last week in the U.S. District Court for the Northern District of Georgia for an alleged multi-million dollar fraud scheme, according to an article in the Atlanta Journal-Constitution. Specifically, Jones was alleged to… Continue Reading
Chairman of Nation’s Largest Mortgage Company Indicted for Bank Fraud and TARP Fraud in Relation to Scheme Against Colonial Bank, SEC Charges Filed
Posted in Bank Fraud, Fraud, indictmentThe U.S. Department of Justice and the U.S. Securities and Exchange Commission have brought criminal charges and civil claims against Lee B. Farkas, former Chairman of Taylor, Bean and Whitaker Mortgage Corp. (“Taylor Bean”) for allegedly selling at least $1.5 billion in fictitious and impaired residential mortgage loans to Colonial Bank and its parent company,… Continue Reading
Baltimore Brother Sentenced in $12.4 Million Check “Kiting” Scheme
Posted in Bank FraudBrian I. Satisky of Pikesville, Maryland, and Vice President of A&B Check Cashing was sentenced last week to three years imprisonment in the U.S. District Court for the District of Maryland for perpetrating a $12.4 million check kiting scheme, according to a press release by the Federal Bureau of Investigation. The Court also ordered Satisky… Continue Reading
New York Defendant Indicted for $50 Million in Fraud from ATM, Armored Car and Other Businesses
Posted in Bank Fraud, FraudAs reflected in an FBI press release, an indictment was unsealed in the U.S. District Court for the Southern District of New York against Robert Egan, President of Mount Vernon Money Center (MVMC) on Wednesday charging Egan with one count of conspiracy to commit bank fraud and wire fraud and six counts of bank fraud for… Continue Reading
TARP Inspector General Investigations January 2010
Posted in Bank Fraud, Money Laundering, Securities Fraud, Troubled Asset Relief Program TARP Stimulus TALF Investigations and CrimeThe TARP Inspector General highlights in his report to Congress, the continued efforts to investigate waste, fraud and abuse in the financial institution rescue program