Emily Chan
“Everyone believed Price was on the up and up,” said FBI Special Agent Ed Sutcliff. “He had investors, a solid track record, and there was no reason to doubt his ability or his honesty. And keep in mind that his PFG investors were getting bogus statements saying they were making money—and when they needed funds, he would provide them. It was the classic Ponzi scheme.”
Ultimately, Price scammed people out of a total of more than $70 million and contributed to the bank’s failure.
In 2012, Price knew he was about to get caught, so he faked his own death by appearing to jump off a boat in Key West, Florida.
He left behind suicide notes for his wife and four children. In the letters, he admitted to defrauding a bank and listed several investors he had scammed.
Then, he fled to Mexico. Later, he went to Florida, where he grew, sold, and used marijuana. He took a bunch of other drugs as well, including cocaine, and even got addicted to Adderall. He also sometimes served as a bodyguard.
The Coast Guard searched for his body but couldn’t find it. He was presumed dead by everyone, including his family and a judge.
But FBI agents suspected that he might still be alive. During a routine traffic stop a year later, Price was arrested after presenting a fake ID in Brunswick, Georgia.
He pled guilty to one count each of bank fraud, wire fraud, and securities fraud, resulting in a maximum sentence of 30 years in federal prison.
He was also sentenced to a 5-year term of supervised release and was ordered to pay restitution to his victims.
