The Minnesota Supreme court disbarred attorney Mark David Holt, a North Oaks man who pleaded guilty to one count of felony wire fraud.
This month, Holt was sentenced to serve 10 years in federal prison. He has been ordered to report to prison on Sept. 11. After he completes his sentence, he will serve three years on supervised release. He has been ordered to pay more than $2.9 million in restitution.
Holt was accused of defrauding his investment clients at Harbor Group, Inc., and diverting more than $4 million in funds to bank accounts he opened. His clients allege they were told the money would be placed in bond funds and mutual funds held by well-known investment groups, but Holt used most of the money to pay personal and business expenses, according to court filings.
The Supreme Court also suspended Walker attorney Victor Harlan Smith for 90 days. Smith, the court found, failed to file or timely file federal and state income tax returns and state employer withholding tax returns, failed to timely pay individual and employer withholding taxes and failed to cooperate with the director of the Office of Lawyers Professional Responsibility. Smith admitted the allegations made by the director, Martin Cole, and agreed to the 90-day suspension. He can petition for reinstatement.