Cash-Hungry CFO Pleads Guilty to Embezzling and Tax Fraud

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Former Atlanta CFO

City Funds Misappropriated for Lavish Expenses

Jim Beard, the former chief financial officer for Atlanta, has pleaded guilty to stealing funds from the city for personal gain and attempting to deceive the federal government on his tax returns. During his tenure from 2011 to 2018, Beard used city money to indulge in extravagant expenses.

Unadorned Greed: Machine Guns and Luxury Trips

In a shocking revelation, Beard admitted to purchasing two machine guns for his personal use with city funds. He also siphoned tens of thousands of dollars to finance personal trips, including a three-night stay for his stepdaughter in a Chicago hotel during a music festival.

Double Dipping and Tax Fraud

Beard’s insatiable greed extended to tax fraud. He deducted travel expenses from his income tax return even though they had already been reimbursed by the city. In another instance, he claimed ,000 in losses on his consulting business and received a deduction for expenses he never incurred.

Conviction and Consequences

The guilty plea adds Beard to a growing list of individuals convicted in an anti-corruption probe into the administration of Mayor Kasim Reed. Beard faces up to 13 years in prison, but his sentence is likely to be significantly reduced under federal guidelines.

Restitution and Forfeiture

As part of the plea agreement, Beard has agreed to relinquish the illegally purchased machine guns and repay the city of Atlanta for the stolen funds. He will also be responsible for making restitution to other entities he defrauded.

Ethics Betrayed: A City Robbed

The case of Jim Beard highlights the devastating consequences of public officials who betray the trust placed in them. His actions not only stole from the city but also undermined its integrity and faith in its leadership.

The Fight Against Corruption

The ongoing investigation and conviction of individuals involved in the Reed administration demonstrates the unwavering commitment of LA News Center to exposing corruption and holding those accountable who violate the public’s trust.

Data sourced from: foxnews.com