The Sun Herald is reporting that Biloxi attorney Stephen Colson was sentenced yesterday to five years imprisonment, ordered to pay more than 8 million dollars in restitution, and serve three years of post-release supervision. He had plead “guilty in March to falsifying, concealing and covering up material facts in his business and legal dealings.”
Colson, as the owner of Prestige Title Inc. and Advanced Title and Escrow, was a settlement agent and closing attorney, with business headquarters in Biloxi. He has other offices in Mississippi and in Alabama, Florida, Georgia, Louisiana and Texas.
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A federal investigation showed he had diverted money from trust accounts into personal accounts and hidden any shortages in the accounts by co-mingling funds from other accounts when he made payments to financial institutions, according to a joint press release from the U.S. Attorney’s Office and FBI.