Former CFO of Atlanta to Receive Sentence for Embezzlement and Tax Fraud

Jim Beard, Former CFO of Atlanta, to Receive Sentence for Embezzlement and Tax Fraud

ATLANTA – Jim Beard, who once served as the chief financial officer (CFO) for the City of Atlanta during Mayor Kasim Reed’s administration, is set to learn how long he will spend in prison for embezzling city funds and falsifying tax records.

Beard pleaded guilty in April to federal charges of tax program theft and tax obstruction. He was indicted on multiple charges by a federal grand jury in 2020, which stemmed from alleged misconduct while he led the city’s Department of Finance from 2011 to 2018.

According to the U.S. Attorney for the Northern District of Georgia, Beard misused City of Atlanta funds to cover personal travel expenses for himself, his family, and travel companions. He also used city funds to buy personal items and for trips he claimed were for consulting work, which he never disclosed to the city.

In 2018, an investigative team delved into Beard’s travel records, uncovering a pattern of lavish and inappropriate spending. Records revealed he paid for first-class plane tickets, including a $9,519 flight to Beijing and a $14,732 business class flight to Amsterdam, which also included hotel stays for two city employees. The team also found that Beard’s hotel expenses included a staggering $10,277 stay at the Shangri-La in Paris.

Beard’s Extravagant and Unauthorized Spending

Further investigations revealed that Beard used city-issued credit cards to spend over $3,800 on hotel rooms in Chicago while his step-daughter attended the Lollapalooza Music Festival in both 2015 and 2016. Beard was not in Chicago during those periods. Additionally, city funds were used for Beard and his wife’s stay in an Atlanta hotel when his work calendar indicated “Do Not Schedule – PTO” (paid time off).

Misuse of Funds and Firearms

There were also allegations involving firearms. Beard was accused of purchasing two custom-built machine guns, worth over $2,600, falsely certifying to the IRS they were “for the exclusive use of the Atlanta Police Department.” These weapons are illegal for anyone other than law enforcement and military personnel to own.

Tax Fraud and Falsified Records

Beard submitted a personal income tax return to the IRS claiming he had a business with over $33,500 in alleged losses in 2013. During an audit in 2015, he presented receipts that he claimed were expenses for a personal business. Investigators later discovered that those expenses were actually related to his city work and were paid using the city-issued credit card.

Beard is the seventh city official who worked under Reed to be indicted in an ongoing investigation involving the FBI, IRS, and ATF. He faces a maximum penalty of 13 years in prison.

Stay informed for further developments as the sentencing unfolds.