GUILDERLAND — Richard J. Sherwood, a Guilderland town justice when he was arrested by the New York State Attorney General’s Office in February on felony charges, has signed a stipulation agreeing never again to seek a judgeship. As a result, the New York State Commission on Judicial Conduct, on Wednesday, closed its investigation into Sherwood.

The commission has accepted 74 stipulations of this same kind since the procedure was started in 2003, according to a release from the commission.

Sherwood resigned as town justice after he was suspended by the Court of Appeals, the state’s highest court.

Sherwood, 57, and another lawyer are charged with stealing more than $4 million from family trusts that they managed. He and co-defendant Thomas Lagan are each charged with two counts of first-degree grand larceny, first-degree scheme to defraud, and two counts of first-degree criminal possession of stolen property, all felonies. The charges are related to Sherwood’s private-practice work as an attorney, rather than his work for the town.

Sherwood had served as a town justice since 2014.

Last week, the town announced the appointment of a new justice to replace Sherwood. Attorney Christine Napierski is scheduled to start on April 30, joining John Bailey and Denise Randall. Guilderland’s court, one of the busiest in Albany County, has three justices.

The charges and the investigation by the Attorney General’s Office continue, a spokesman confirmed.