ATLANTA – Federal prosecutors rested their case on Monday against suspended Insurance Commissioner Jim Beck. Prosecutors contend Beck secretly stole millions from a company he ran before he was elected.
The state-created insurance company is called Georgia Underwriting Association. Beck managed GUA before he took office as the state’s top insurance regulator in 2019.
Two former GUA board chairmen testified on Monday they had no idea Beck hired family and friends to do work or just submit bills to GUA then turned around and took a large cut of the money – much of it in cash.
A witness testified Friday, Beck improperly took money from the private insurer he led and used it to buy campaign signs when the Republican ran for office in 2018.
Beck is accused of improperly diverting more than $2 million from GUA, an insurer of last resort that covers property owners unable to buy insurance on the regular market. He is on trial after he was indicted in 2019, months after…