Sentence reduced for former Georgia Insurance Commissioner convicted of wire fraud, money laundering

A former Georgia Insurance Commissioner, convicted on fraud charges after a 2019 arrest, had his sentence reduced in federal court Monday.

Former commissioner Jim Beck was arrested and found guilty on 37 counts of fraud, accused by the U.S. Department of Justice of wire fraud, mail fraud, and money laundering more than $2 million, as previously reported by Channel 2 Action News.

After the charges were presented in 2019, Gov. Brian Kemp suspended Beck from the position.

A jury convicted the former commissioner nine days later. He was sentenced to about seven years in federal prison.

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Following Beck’s conviction and sentencing, the former commissioner told Channel 2′s Elizabeth Rawlins he wanted to move on, and was grateful to the jury for serving justice.

Monday’s court records show Beck will serve six-and-a-half years in federal prison, rather than the original seven years and three months.

While his sentence was reduced by nine months, he still owes millions of dollars in restitution.

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Similar to his previous sentence, Beck still owes restitution to multiple financial organizations, including the U.S. Internal Revenue Service, according to court records.

The judge’s order said Beck will have to pay back a total of $2.62 million to the Georgia Underwriters Association and the IRS.

Between the two, Beck owes the IRS about $358,400, and $2.26 million to the GUA and their insurer, Cincinnati Insurance Company, according to court records.

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