Former Georgia insurance commissioner sentenced to 7 years
ATLANTA - A federal judge has sentenced former Georgia Insurance Commissioner Jim Beck to more than seven years in prison for fraud.
The judge on Tuesday also ordered Beck to pay $2.6 million in restitution to make up for money he stole from an insurer.
Jurors in July swiftly convicted the 60-year-old Beck on 37 counts of wire fraud, mail fraud, money laundering and tax fraud.
The trial detailed a scheme that channeled more than $2.5 million from the Georgia Underwriting Association to Beck’s bank accounts.
Beck managed the insurer of last resort for years before he was elected to statewide office.
Current Insurance and Safety Fire Commissioner John F. King released a statement Tuesday after the sentencing.
”It is my hope that, with today’s sentencing, we can now finally move on from this unfortunate chapter and focus on continuing the great work we have accomplished since Governor Kemp appointed me to lead this Agency over two years ago,” he said.
He noted that he’s made a number of personnel moves, “ensuring we have ethical, capable leaders in the most critical positions.” He said he’s revamped the criminal investigations division and “emboldened” the consumer services team.
“I’m thankful we can now turn the page and focus all of our efforts on continuing the momentum we’ve established on behalf of all Georgia consumers,” King concluded.
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