Richard Michael Colbert, 55, of Pensacola Beach, has pled guilty to 13 felony counts tied to a sprawling bank fraud and embezzlement scheme that bled millions from federally insured financial institutions across Florida. The attorney and former manager of Beach Title Services, a subsidiary of Beach Community Bank, admitted to orchestrating a complex web of deceit involving false loan documents, stolen escrow funds, and layered money laundering operations.
Colbert’s guilty plea includes one count of conspiracy to commit bank and mail fraud, one count of making false statements to a financial institution, nine counts of money laundering, and two counts of theft and embezzlement by a financial institution insider. His crimes spanned multiple banks, including Bank of America, Beach Community Bank, the now-defunct Premier Community Bank, and GulfSouth Private Bank, where he signed off on falsified HUD-1 settlement statements to secure illicit loans for co-conspirator Lawrence Wright, a former builder.
As manager of Beach Title Services, Colbert exploited his role as an escrow agent to siphon off funds held at Beach Community Bank. He wasn’t just a facilitator—he was at the center of the scheme, using his position of trust to misapply client and institutional money for personal and criminal gain. The falsified HUD-1 forms allowed fraudulent disbursements to slide through under the guise of legitimate real estate transactions.
Once the money was free, Colbert laundered it through a series of financial transactions designed to obscure the trail. These weren’t isolated incidents—they were calculated moves in a sustained criminal enterprise that targeted the very institutions meant to safeguard public trust. Federal prosecutors say the scheme undermined lending integrity and put taxpayer-backed banks at risk.
Now, Colbert faces the full weight of federal justice. For each count of conspiracy, false statement, and embezzlement, he could be sentenced to up to 30 years in prison. Each of the nine money laundering counts carries a maximum 10-year sentence. With all counts running potentially consecutively, the total exposure could stretch well beyond a lifetime. Sentencing is scheduled for March 2, 2017, at the U.S. Courthouse in Pensacola.
The investigation was led by IRS-Criminal Investigation, with critical support from the FBI, the Federal Deposit Insurance Corporation’s Office of Inspector General, and the Okaloosa County Sheriff’s Office. Assistant U.S. Attorney Tiffany H. Eggers prosecuted the case. The U.S. Attorney’s Office for the Northern District of Florida, led by Christopher P. Canova, emphasized that abuse of fiduciary roles will be met with relentless pursuit. Public court records are available through the U.S. District Court for the Northern District of Florida’s website.
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Key Facts
- State: Florida
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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