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Thursday, 14 October 2021 16:45

Former Georgia Insurance Commissioner Sentenced to Federal Prison

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Former Georgia Insurance Commissioner Jim Beck has been sentenced to federal prison following his conviction for stealing more than $2.5 million from the Georgia Underwriting Association (GUA).

Beck, 60, of Carrolton, GA, was sentenced to seven years, three months in prison to be followed by three years of supervised release, ordered to pay restitution in an amount over $2.6 million and forfeiture of more than $426,000, two pieces of real property and a $2.1 million personal forfeiture money judgment. 

 

Beck was found guilty by a jury on July 22.

 

“Former Commissioner Beck has been held accountable for taking advantage of his position of trust at the GUA, stealing millions of dollars from his employer, and then defrauding the IRS,” said Acting U.S. Attorney Kurt R. Erskine. “At the time he was charged with these offenses in 2019, he was the newly elected Georgia insurance commissioner. Thankfully, the FBI and IRS uncovered these crimes before Beck got the chance to do even more damage as a statewide public official.”

 

According to Erskine, the charges and other information presented in court: From January 2012 until Beck was sworn in as insurance commissioner Jan. 14, 2019, Beck worked as the general manager of operations for the GUA after being elected to that post by the GUA board of directors. 

 

GUA, located in Suwanee, GA, is an insurance association created as part of the Georgia Fair Access to Insurance Requirements (FAIR) law to provide high-risk property insurance to homeowners located throughout Georgia. In addition to premiums collected from its customers, GUA is also funded by...


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