|By RUSS BYNUM, Associated Press|
It appears the strange case against
Price faces 17 federal counts of bank fraud, each punishable by up to 30 years in prison and a
"He should be in jail probably for the rest of his life," said
Price's lawyer declined to comment on the case and details of the plea agreement haven't been made public.
Prosecutors said Price faked financial records to cover his tracks before he disappeared in
The rambling letter Price left essentially confessed to losing his clients' money, though he insisted it all got blown on bad investments and he never stole a cent.
"I created false statements, covered up my losses and deceived and hurt the very people I was trying to help," Price's letter said.
He was arrested on
Prosecutors say Price had about 115 investors who put
Prosecutors say Price told bank managers he would invest in U.S. Treasury securities, but instead he routed the money to other accounts he controlled.
After nearly two years of seizing and selling Price's assets, a federal receiver is still working to get money for investors and reported recovering about
However, that includes
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