Jury Convicts Suspended Georgia Commissioner Beck on Fraud, Laundering Charges

Jurors convicted suspended Georgia insurance commissioner Jim Beck on 37 counts of mail fraud, wire fraud and money laundering and tax fraud charges.

The jury needed about an hour and 20 minutes to return the guilty verdict, putting an end to a two-week federal trial.

Prosecutors alleged Beck embezzled more than $2 million from his previous employer, Georgia Underwriting Association, by funneling funds through a series of fraudulent companies.

Beck used the money to fund his campaign for commissioner and pay his credit card bills and taxes.

Beck was elected Georgia’s chief insurance regulator in 2018. Only a few months into office, he was charged with wire fraud, mail fraud and money laundering.

Beck voluntarily asked Georgia Gov. Brian Kemp to suspend him but continued to earn an annual salary of $195,000.

Prosecutors argued that Beck concealed his financial interest in two companies receiving money from GUA, Green Technology Services and Paperless Solutions, according to an Associated Pres report.

“The evidence makes completely clear that Jim Beck … is a thief,” Assistant U.S. Attorney Brent Gray said in closing arguments, according to the AP. “He is an ordinary, plain, fast talking — and rich — fraudster.”

Beck’s defense said investigators didn’t understand the insurance business and lacked enough evidence to merit a conviction.

Sentencing is scheduled for Oct. 8. U.S. District Judge Mark Cohen allowed Beck to remain free on bail but under house confinement while awaiting sentencing.

Topics Fraud Georgia