Jim C. Beck, former Georgia insurance commissioner, was convicted by a federal jury in Atlanta on Thursday in all 37 counts of an indictment accusing him of embezzling more than $ 2 million from his former employer, the Georgia Underwriting Association.
Mr. Beck's sentencing is scheduled for October 8 and he will be confined to his home until then. He had resigned as an insurance commissioner following his accusation for 2019.
Prior to being elected as an insurance commissioner in Georgia, Beck had served as head of operations for Suwanee, the Georgia-based Georgia Underwriting Association, which provides high-risk property insurance to Georgia homeowners.
He was accused of talking four employees to form four separate companies that probably provided necessary services, including property inspections and water damage reduction, to the association.
Then through an elaborate system of fraudulent invoicing that included By producing false documentation and hiding the truth from the associated companies, Mr. Beck regularly approved significant GUA payments to the four companies, and defrauded the association of more than $ 2 million, according to his indictment. Catalog