Ex Georgia Insurance Commissioner Convicted of Fraud/Money Laundering

Ex-Georgia Insurance Commissioner Jim Beck was convicted Thursday, on Fraud and Money Laundering charges, in a scheme against an insurer that he managed.  Jurors returned a guilty verdict on all 37 counts against Beck in the federal trial in Atlanta.

According to news reports, Beck was accused of stealing more than $2.5 million from the state-chartered Georgia Underwriting Association (GUA) – by funneling money to himself through a series of companies – he was indicted just several months after he took office in 2019 as Insurance Commissioner.  He had managed GUA for a number of years prior to taking office.

Beck, who is scheduled to be sentenced sometime in October, is confined to his home in Carrollton, while awaiting court appearances and sentencing.

Compiled Sources