April 21, 2014
By Bob Coleman
Editor, Coleman Report
After staging his death in the Gulf of Mexico, former pastor-turned-day trader-turned-banker Aubrey Price was arrested 18 months later when he was pulled over for driving with tinted windows last December.
He now sits in a federal jail cell after pleading not guilty to 17 counts of fraud.
However, before he faked his suicide he penned a 22 page confession. Most of it is pretty sad reading.
It reinforces the rule from credit 101 that if something is too complex, and you don’t understand it, run in the opposite direction. Odds are something is being hidden from you that others don’t want you to see.
Aubrey Price wrote in 2012, “Some Mistakes In My Business:”
“I moved from doing one thing well to a jack of all trades and master of none . I just lost focus of the main thing which was to never lose money …that is the main thing in my business.
“1. Too many people . Too many people…non-productive people…the list became endless …disaster …(time and energy) …took up too many problems that were not solvable and were not mine. The bank was the mother of all distractions.
“2. Too many offices …expenses …costs …registrations …mail expenses …computer expenses …utilities…taxes …employees-salaries…over the top…no production …no reimbursement …no hope of repayment ( all this takes a huge toll on you).
“3. Too many “other things” …real estate …condos …lots….the BANK …other businesses (insurance and asset management at Fidelity….other advisors ….all these things take huge mental energy, time, travel, money, expenses). Constantly bombarded with requests for investment money for all kinds of businesses and business ideas….it never ends…clients call and ask about certain loans…money to go into their friend’s business or money for some investment idea …very difficult to focus when you arc always having to evaluate stuff .
“4. I lost my skeptical eye…I always thought skeptically about anyone else’s business….it was always the right thing to do. I trust the wrong people ….people whom I thought knew what they were doing.
“I have always wanted to just be me…my plan was to manage a small amount of money and then take time off to be with my family and find ways to serve God…just manage for a small number of clients and family.
“Instead, I grew too much…to many responsibilities…to many clients …to many employees …to much stuff/things…..! could not be a man of one thing…focus on one thing only …instead I am answering hundreds of emails a week …staying up till late and rising early…sleeping in most cases 3-4 hours a day.
“When you lose your name, integrity, reputation and trust …you business and your life is over . Proverbs 22:4 “A good name is to be desired over great riches…”