Man On the Run: Georgia Investment Adviser Goes into Hiding

Man On the Run: Georgia Investment Adviser Goes into Hiding

Georgia-based investment adviser Aubrey Lee Price has allegedly gone into hiding. Price, whose Montgomery Asset Management is located on Race Track Road in McDonough, Ga., disappeared after sending a 22-page confession to some individuals in June in which he admitted to concealing at least $20 million in investor losses with falsified statements and returns, according to the SEC complaint. The regulator has frozen Price’s assets, but his SEC registration shows his licenses have not been suspended in any jurisdiction.

Price allegedly raised $40 million from more than 100 investors living primarily in Georgia and Florida by selling shares in an unregistered investment fund he managed. He told investors he was putting their money in traditional marketable securities, but made illiquid investments in South America real estate and a troubled South Georgia bank instead. To hide his losses he fabricated account statements, account balances and returns.

Price’s long confessional bore the title, “Confidential Confession for Regulators—PFG, LLC and PFGBI, LLC Summary.” The SEC continues to investigate with assistance from the Federal Bureau of Investigation.

According to online records, before setting up his own RIA asset management shop in January of 2008, Price worked as a broker for FSC Securities Corporation, Banc of America Investment Services and Salomon Smith Barney. He has been in the wealth management business since 1999.

Price’s IARD file shows he had just one ding on his record, a claim of unauthorized trading, unsuitability, fraud and deceit that occurred when he was employed by Salomon Smith Barney. An arbitration panel found in favor of the customer, who received $14,350 in compensation out of the $113,901.82 in alleged damages.  

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