Former Gilmer bank vice president indicted on fraud charges


Former Gilmer bank vice president indicted on fraud charges

A former bank employee was indicted by a federal grand jury on charges arising out of a scheme to defraud Appalachian Community Bank, also known as Gilmer County Bank, according to authorities.

William R. “Rusty” Beamon, Jr., 52, of DeKalb County, was indicted on Feb. 26 and is to be arraigned Monday at 2:15 p.m., before U. S. Magistrate Judge J. Clay Fuller in Gainesville.

Beamon was vice president of Appalachian Community Bank, which had its headquarters in Ellijay. He was responsible for Appalachian’s foreclosure liquidation department.

According to U.S. Attorney Sally Quillan Yates, in 2009, Beamon told a real estate agent that he owned a house in Cumming. and then hired that agent to market and lease the property on his behalf. The property, however, was owned by Appalachian Community Bank and was part of the bank’s foreclosure inventory. The real estate agent leased the property on Beamon’s behalf. Beamon then deposited into his personal bank account more than $20,000 in rent payments and security deposits from the illegal lease, according to Yates.

Beamon also allowed Appalachian Community Bank to make loans to his wife, and to a shell company he owned, to finance fraudulent real estate purchases of properties in the bank’s foreclosure inventory. Each property was sold at a price substantially below fair market value, Yates said.

Due to its poor financial condition, Appalachian Community Bank closed on March 19, 2010, and the FDIC was appointed as receiver.

“The lack of responsible, ethical leadership at Appalachian Community Bank eventually led to that bank’s failure. The FBI understands the harm caused by such criminal behavior of bank employees or their executives and asks that anyone with information on such activity to contact their nearest FBI field office,” said Mark F. Giuliano, Special Agent in Charge, FBI Atlanta Field Office.

Beamon is not the first insider at Appalachian Community Bank to face federal criminal charges. Adam Teague, 38, of Ellijay was charged with conspiracy to commit bank fraud and pleaded guilty to that offense on Aug. 23, 2012. Teague, who was senior vice president of Appalachian, is scheduled to be sentenced on April 5, 2013. Teague faces a maximum sentence of 30 years in prison and a fine of up to $1 million.

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