Former attorney pleads guilty to federal bank fraud, tax charges

Timothy Belcher, in an undated photo
Timothy Belcher, in an undated photo

PIKEVILLE, Ky. — The former city attorney for Elkhorn City has pleaded guilty to federal charges of bank fraud and making false statements on a tax return.

Timothy Belcher pleaded guilty to one count each of the charges in federal court on Thursday.

In his plea agreement, he admitted to taking money from an $816,000 insurance settlement that had been placed in escrow for the children of a man who had been killed in a car crash. He confessed to using that money for his business and personal expenses, including mortgages, vacations, insurance, food, cell phones and other personal purchases.

The false statement charge refers to his failure to report the embezzled money as income on his tax return.

As part of the plea agreement, Belcher agreed to repay the $816,000 to the children, as well as another $51,000 to the IRS.

Belcher entered his guilty plea before a U.S. magistrate judge, who has recommended that a district judge accept it. The decision on whether or not to accept the plea will come after all parties have been given a chance to file any objections.