Former N. Ga. banker indicted on federal fraud charges

GAINESVILLE - A former employee of a failed north Georgia bank faces federal fraud charges.

According to the U.S. Attorney's Office, 52-year-old William R. "Rusty" Beamon of Dekalb County was indicted February 26 by a federal grand jury in connection with a scheme to bilk tens of thousands of dollars out of Appalachian Community Bank, also know as Gilmer County Bank. Beamon is to be arraigned in federal court in Gainesville Monday afternoon.

According to U.S. Attorney Sally Quillian Yates, Beamon was Vice President of Appalachian Community Bank, which had its headquarters in Ellijay. He was responsible for Appalachian's foreclosure liquidation department.

Yates said in 2009, Beamon told a real estate agent that he personally 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 found someone to lease the property and negotiated a lease on Beamon's behalf, according to court documents. Beamon then deposited into his personal bank account more than $20,000 in rent payments and security deposits from the illegal lease.

Beamon also allowed Appalachian Community Bank to make loans to his wife and to a shell company that he owned in order to finance fraudulent real estate purchases of properties in the bank's foreclosure inventory.

Appalachian Community Bank was forced to close on March 19, 2010, and the FDIC was appointed as receiver, according to federal officials. The FDIC also assisted with the investigation into the bank fraud case.

Yates pointed out that Georgia leads the nation in bank failures since 2008, with 78 banks failing, including Appalachian Community Bank.

Beamon is the second bank official from Appalachian Community Bank involved in a fraud scheme in the last few years, according to federal prosecutors. They said Adam Teague, 38, of Ellijay, was charged with conspiracy to commit bank fraud and pleaded guilty to that offense on August 23, 2012. Teague, who was Senior Vice President of Appalachian, is scheduled to be sentenced by United States District Judge Richard W. Story on April 5, 2013. Teague faces a maximum sentence of 30 years in prison and a fine of up to $1,000,000.

The indictment case against Beamon alleges six counts of bank fraud. Each count carries a maximum sentence of 30 years in prison and a fine of up to $1,000,000.