Former Georgia banker sentenced in foreclosed property scheme

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GAINESVILLE, Georgia — Federal prosecutors say the former vice president of a failed bank has been sentenced on fraud charges.

Authorities say 54-year-old William R. Beamon of Atlanta has been sentenced to three years and six months in prison.

Prosecutors have said Beamon led Appalachian Community Bank's foreclosure liquidation department and told a real estate agent that a bank-owned property in Cumming was actually his. Prosecutors say Beamon had the agent put the property on the market and Beamon pocketed more than $20,000 in rent and security deposits.

Prosecutors say Beamon also led the bank to sell foreclosed properties to his wife and a shell company that he owned at prices that were below market value.

The Ellijay-based bank closed in 2009 because of its deteriorating financial condition.

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