Ex-president of failed Georgia bank convicted in bank fraud scheme

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GAINESVILLE, Georgia — Federal prosecutors say a former bank president has been convicted in a bank fraud scheme.

Authorities said Friday that 54-year-old William "Rusty" Beamon of Atlanta was in charge of Appalachian Community Bank's foreclosure liquidation department. Prosecutors say Beamon had a real estate agent put a bank-owned house on the market for him and pocketed more than $20,000 in rent payments from the occupants.

Authorities say Beamon also led the bank to sell bank-owned properties to his wife and a shell company he owned at below-market prices, preventing other buyers who were willing to pay more from purchasing the properties.

The Ellijay-based bank was forced to close because of its bad financial condition in 2009.

A sentencing date for Beamon hasn't been set.

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