IN THE UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF GEORGIA
CIVIL ACTION NO.: 1:12-CV-2296
SECURITIES AND EXCHANGE COMMISSION,
AUBREY LEE PRICE; PFG, LLC; PFGBI, LLC; MONTGOMERY ASSET
MANAGEMENT, LLC f/k/a PFG ASSET MANAGEMENT, LLC,
(Florida limited liability company); and MONTGOMERY
ASSET MANAGEMENT, LLC f/k/a PFG ASSET MANAGEMENT, LLC,
(Georgia limited liability company)
On July 2, 2012 the
U.S. Securities and Exchange Commission(the “S.E.C.”)
Complaint for Injunctive
Relief in the U.S.
District Court for the Northern District of Georgia (the
“U.S. District Court”) against Aubrey Lee Price, and
various entities which he controlled, seeking recovery
of investors’ funds arising from an offering and
investment advisory fraud Mr. Price perpetrated against
approximately 115 investors.
In its Complaint, the
S.E.C. alleges that Mr. Price solicited investments of
approximately $40 million, offering “positive returns
with low volatility,” by investing in a variety of
While Mr. Price placed
some investor funds in trading account as promised, that
account suffered massive trading losses and Mr. Price
frequently wired large amounts of investor funds to
other accounts that were not associated with or for the
benefit of investors.
At the same time, Mr.
Price provided investors with false account statements
indicating fictitious investment returns. TheU.S.
District Court for the Southern District of Georgia
indicted Mr. Price, and the United States has filed a
criminal complaint against Mr. Price in the U.S.
District Court for the Eastern District of New York,
base on charges related to this fraud.
Currently, Mr. Price
is a fugitive of the law.
Along with its Complaint, the S.E.C. filed an
Emergency Application for
Temporary Restraining Order and Other Equitable Relief.
On July 1, 2012, the U.S.
District Court entered an
Order to Show Cause,
Temporary Restraining Order, Order Freezing Assets,
Order Requiring an Accounting, Order Prohibiting
Destruction of Documents and Order Expediting Discovery
When neither Mr. Price nor
any representative of any of the entities he controlled
appeared in Court as ordered, complied with Court’s
mandates, or otherwise responded to any of the Court
filings, the U.S. District Court, on July 13, 2012
Order Granting Preliminary
Injunctions and Ordering Other Relief as to Defendants.
On July 26, 2012, the S.E.C.
Expedited Motion Seeking
Appointment of a Receiver,
to, among other things, marshal and preserve all of the
assets of Mr. Price and the entities he controlled for
the benefit of investors he defrauded.
On August 10, 2012, the U.S.
District Court entered an
Order Appointing Receiver,
in which the Court appointed Melanie E. Damian, of
Damian & Valori LLP, asReceiver over the Estates of Mr.
Price and the other Defendant entities that he
Receiver, Ms. Damian will make every effort and take
anyaction necessary and appropriate to marshal, recover,
and preserve the assets of the Estates of Mr. Price and
the various Defendant entities he controlled for the
benefit of the defrauded investors.
Further on in the
Receivership, the Receiver, upon Court approval, will
liquidate the assets of the Estates and formulate a
process through which investors can submit claims and
receive distributions based on the amounts they lost.
In the course of
performing her duties, the Receiver will use this
website to keep investors informed of the status of the
Receivership by updating it with information, important
dates and deadlines, and Court filings.
We encourage you to
visit this website regularly to keep yourself informed
of the status and important information and deadlines
related to the Receivership.
We also invite you to
contact us if you have any questions regarding the
Receivership or any information you believe may assist
the Receiver in her efforts.