Judge orders assets of Billings mansion developer frozen in fraud case

Posted at 8:40 PM, Jun 13, 2018
and last updated 2018-06-13 22:40:52-04

BILLINGS – A federal judge in Virginia has ordered the freezing of all assets of the developer of Billings’ largest mansion on the grounds that he defrauded multiple investors to the tune of $17.7 million. 

Larry Wayne Price Jr., 38, allegedly engaged in financial transaction for personal gain while raising money to build a 26,000-square-foot mansion in the Ironwood subdivision on Billings West End, according to the order signed Monday by Judge James P. Jones of the U.S. District Court of Western Virginia.

In his complaint, U.S. Attorney for Virginia Thomas Cullen noted that he’s concerned that Price could cause future damage to victims if allowed access to his assets.

Last month, Price was charged by in federal court with lying to federal investigators after claiming he was kidnapped by a biker gang and taken to his Virginia motorcycle shop and robbed. 

Authorities found security footage that did not corroborate the story, and they suspect he was instead planning to disappear with another women. 

According to court documents, Price owes millions of dollars to several groups in relation to the Billings mansion. 

The documents list 15 banks where Price has assets that are frozen, including Stockman Bank and Rocky Mountain Bank in Montana.

See also: Developer of biggest home in Billings charged with faking his own abduction in Virginia