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Ardmore man facing charges for embezzlement

Sierra Rains
srains@ardmoreite.com

An Ardmore man is facing charges for embezzlement after allegedly appropriating more than $15,000 that belonged to a local business where he was employed.

Ardmore Police Department Sgt. Larry Payne said suspicious activity was first reported in July of 2019 after the suspect, 30-year-old Caleb Colbert, was reportedly placed in a position with more responsibility.

“It was not long after that that they noticed that some of the tires were missing and also some funding,” Payne said.

Through further investigation, police reportedly found records dating as far back as Nov. 30, 2018, which allegedly demonstrated that Colbert had been fraudulently appropriating funds from a company debit card and selling stolen tires.

The total amount appropriated is estimated at $15,000 or more, according to Carter County court documents.

The investigation was completed and sent over to the district attorney’s office and a felony charge for embezzlement was filed against Colbert on Jan. 8, 2020. During his initial court appearance, on Jan. 22, Colbert was apprehended by law enforcement.

However, Colbert reportedly bailed out the same day for the amount of $1,000. A preliminary conference is scheduled for March 5.

If found guilty, Colbert could face imprisonment in the state penitentiary for up to eight years, a fine of no more than $10,000 and restitution.