Embezzler Terry Malcom faces sentencing in November

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Malcom: Facing prison time.
  • Malcom: Facing prison time.
Terry Malcom, the former attorney in Nebraska who bilked more than $1 million from local special districts, pleaded guilty today to three felony counts in a plea arrangement in which the stipulated sentence is 18 years in prison.

Malcom, 66, also will be ordered to pay $1,154,210 in restitution to his victims: Arabian Acres Water District, Cascade Metropolitan Water District and Cascade Resort Communities.

We reported on Malcom more than a year ago, outlining his criminal past in Nebraska for which he did time in both state and federal prisons. In fact, he was under supervision of the federal probation system when he committed his new crimes here.

He was helped along by local attorney P.J. Anderson, who hired him to oversee the Cascade water district and has said he was completely hoodwinked by his old law school chum.
 
Fourth Judicial District Attorney's Office spokesperson Lee Richards says Malcom is to be sentenced on November 30.

It's a bit ironic that the recommended sentence is 18 years. That's the same stretch given to another white collar criminal, Mike Witty, who stole hundreds of thousands of dollars from the El Paso County Retirement Plan in the 1990s. He was paroled after eight years.

Malcom lived in this house in northeast Colorado Springs before he was arrested in April this year in connection with stealing money from special districts. - PAM ZUBECK
  • Pam Zubeck
  • Malcom lived in this house in northeast Colorado Springs before he was arrested in April this year in connection with stealing money from special districts.

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