BILLINGS – The developer of the city’s largest mansion accused of faking his own kidnapping in Virginia to flee massive debts pleaded not guilty in federal court in Billings Thursday to wire fraud charges.
Larry Wayne Price Jr., 38, is facing six counts of wire fraud for soliciting about $13.5 million from investors in a Wyoming company and allegedly misappropriating the money for his own use.
Price appeared before U.S. District Judge Timothy J. Cavan Thursday morning for the short hearing. If convicted, he would face up to 20 in prison and a $250,000 fine. He is not being held in jail.
According to the indictment, Price transferred money from banks in West Virginia, Texas and Wyoming to his accounts in Montana for what he said was for buying real estate, mining equipment and other supplies. The investors were the owners of Three Blind Mice LLC, a Wyoming-based coal company.
In May, Price was charged in a Virginia federal court for lying to federal investigators after he claimed he was kidnapped by a biker gang in Virginia and robbed at his bike shop.
Price developed a 26,000-square-foot mansion in the Ironwood subdivision on the West End, which is currently for sale and has never been occupied.