Richard Micheal Colbert, received a disciplinary revocationwithout leave to seek readmission, effective immediately, following a May 11 court order, the release said. The release notes, "disciplinary revocation without leave to reapply is tantamount to permanent disbarment."
Colbert was admitted to practice in 1987, according to the release.
Last year, Colbert pleaded guilty in court to 13 federal felonies including theft, embezzlement and misappropriation of bank funds, money laundering, bank and mail fraud and false statements to a financial institution.
The charges stem from Colbert's conduct while he was the manager of Beach Title Services, a subsidiary of Beach Community Bank, according to a news release from the U.S. Department of Justice. Colbert reportedly signed and submitted false documents to Bank of America and Beach Community Bank. He also embezzled and misapplied funds being held at Beach Community Bank, then conducted a series of financial transactions to launder the funds he had embezzled, according to the release.
Colbert is still awaiting sentencing in connection with the charges, according to court records. The DOJ release says Colbert faces a maximum of 30 years in prison for each of the conspiracy, false statement, and theft/embezzlement/misapplication of funds charges. For each of the money laundering charges, Colbert faces a maximum of 10 years in prison.
The sentencing hearing is currently scheduled for 1 p.m. July 17.
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Gulf Breeze attorney sanctioned for embezzlement, money laundering
I wonder if anyone is keeping track of how many attorneys turn out to be thieves?
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