Banker pleads guilty to 3 counts in fraud case

STATESBORO, Ga. (AP) - A former investment adviser who vanished and was declared dead before his arrest has pleaded guilty to three counts of fraud.

Under a deal with prosecutors, 47-year-old Aubrey Lee Price entered the pleas Thursday before a U.S. District Court judge. He had been scheduled for trial later this month on 17 counts.

RELATED: Victim of fugitive banker reacts to his plea

Price pleaded guilty to bank, securities and wire fraud. He will be sentenced at a later date. The deal calls for a maximum of 30 years in prison and payment of $51 million in restitution for bank and investor money that was lost.

Prosecutors say Price vanished in June 2012 after he misspent, embezzled and lost millions of dollars entrusted to him by investors and the Montgomery Bank & Trust in rural southeast Georgia. The bank closed soon after.

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