Jim Beck, the suspended insurance coverage commissioner of Georgia, has been convicted on 37 prison counts associated to the over $2 million he defrauded from the state’s insurer of final resort.
Beck was indicted weeks after he took workplace as insurance coverage commissioner in 2019; he was charged with fraud and cash laundering in a scheme to take cash from his former employer, Georgia Underwriting Affiliation (GUA). By way of shell corporations, Beck made household and associates ship invoices to GUA for work that was not really carried out, and he pocketed the funds.
Learn extra: Suspended insurance coverage commissioner goes to trial over $2 million fraud allegations
The commissioner testified in courtroom earlier this week, saying that the “subcontractors” he directed throughout his time at GUA supplied precious information that helped enhance the insurer’s earnings. However prosecutors argued that a lot of the purported work was faux.
On high of presenting proof of cash transfers from the GUA by a collection of corporations, then into Beck’s financial institution accounts, prosecutors additionally argued that the previous commissioner additionally hid his monetary curiosity in these corporations – Inexperienced Expertise Providers and Paperless Options. Proof was additionally introduced the place Beck posed as Inexperienced Expertise proprietor Matt Barfield in an e-mail to the spouse of a buddy.
Jurors finally rejected Beck’s claims about his subcontractors; he’s scheduled for sentencing on October 08, 2021 for mail fraud, wire fraud, cash laundering, and tax fraud prices, The Related Press reported.
US District Choose Mark Cohen of the Northern District of Georgia allowed Beck to stay free on bail, however ordered the previous commissioner to be confined to his dwelling in Carrollton whereas awaiting sentencing.