Mug Shot Monday — 3 ½ Years for Community Bank Special Asset VP

May 4, 2015

By Bob Coleman
Editor, Mug Shot Monday

After being convicted in January of bank fraud, Rusty Beamon learned today he will spend 3 ½ years in jail.

Rusty Beamon was a vice president at Appalachian Community Bank in Georgia and was in charge of the bank’s foreclosed real estate assets.

In 2009, Rusty hired a real estate agent to lease “his” house in Cumming, Georgia.

Beamon’s real estate agent found someone to lease the property and negotiated a lease netting Rusty $20,000.

However, the property was owned by Appalachian Community Bank and was part of the bank’s foreclosure inventory.

Additionally, Beamon orchestrated the sale of other bank-owned properties to his wife and to a shell company that he owned. The sale price was substantially below what other buyers were ready, willing, and able to pay the bank.

“The sentencing of Mr. Beamon reflects fitting punishment for an individual who abused his position of trust at Appalachian Community Bank for personal gain and caused irreparable harm to the institution,” says FDIC Acting Inspector General Fred W. Gibson.

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