Colbert Pleads Guilty
Nate Colbert, the former San Diego Padre slugger and minor league coach, pleaded guilty Thursday in federal court to bank fraud, admitting he defrauded a Santee bank of $138,000, prosecutors said.
Colbert, 44, of Sandy, Utah, pleaded guilty to one felony count, saying he submitted false loan applications to the Cuyamaca Bank of Santee, according to Assistant U.S. Atty. William Q. Hayes.
Colbert, the Padres’ all-time home run leader with 163, had been indicted Oct. 25 on 12 counts alleging he made false statements on four loan applications to the bank. On the applications, the indictment alleged, Colbert listed as assets real estate he did not own.
In court Thursday, Colbert told U.S. District Judge Earl B. Gilliam Jr. he submitted false applications to influence the bank to extend him loans totaling $138,000, according to Hardy.
Colbert said Thursday he did not own Maine real estate that he claimed on the applications to be worth between $150,000 and $198,000.
Colbert--whose full name is Nathan Colbert Jr.--could get up to five years in prison and a $250,000 fine.
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