Dothan’s $10 million con man returns
DOTHAN, Ala. (WTVY) - Disbarred and disgraced Dothan attorney Frederick Mitchell “Mitch” McNab returned on Thursday to the Houston County Courthouse, where a judge sent him to prison eight years ago for stealing $10 million from those who trusted him, some with their life savings.
A newly appointed judge wanted to hear from prosecuting and defense attorneys about the structure of a repayment plan of money he bilked from those clients to finance his Rich and Famous lifestyle.
Covington County Circuit Judge Ben Bowden ruled things should remain as they have been, with 25% of McNab’s earnings earmarked for 16 victims.
Prosecutors opposed setting a certain amount in case McNab received an unexpected windfall.
In 2015, McNab pleaded guilty to over 50 felonies, including securities fraud, and another judge sentenced him to five years imprisonment followed by 15 years probation.
Circuit Judge P.B. McLaughlin also ordered him to pay $8.9 million in restitution. Despite making payments since his 2020 release, McNab still owes most of that money, Alabama Securities Commission Attorney Leslie Worrell told the judge during Thursday’s hearing.
She revealed that tax records showed McNab earned about $49,000 in 2021 and $61,000 last year, representing approximately $15,000 in restitution.
Property seized from McNab also provided payments to victims, who don’t expect to receive full reimbursement.
According to prosecutors, he purchased airplanes, boats, a Maserati, waterfront homes, and other extravagances, using money entrusted to him by those building nest eggs for their twilight years.
In another case, he took thousands left for a man with paraplegia who relied on that money for his care.
Eventually, unable to borrow from Peter to pay Paul, he confessed to clients that he had bilked them, victims told News4.
McNab resides in north Alabama, having lived there since his release from Kilby Prison.
Special judge were appointed because all Houston County judged recused became of their acquaintance with McNab.
Subscribe to our News 4 newsletter and receive the latest local news and weather straight to your email every morning. Get instant notifications on top stories from News 4 by downloading our mobile apps.
Copyright 2023 WTVY. All rights reserved.