Former Atlanta CFO Jim Beard Gets 3 Year Sentence for Theft and Fraud

The City of Atlanta’s former Chief Financial Officer, Jimmie “Jim” A. Beard, has been sentenced to three years in federal prison for his involvement in a multi-year scheme that included theft of funds, purchasing and possessing machine guns, and obstructing federal tax laws using altered documents and a fake business. Beard was also sentenced to three years of supervised release, ordered to pay a $10,000 fine, and restitution totaling $177,197.48. He was convicted on April 8, 2024, after pleading guilty to the charges.

“Jim Beard abused the trust and confidence placed in him by the people of the City of Atlanta when he decided to steal tens of thousands of dollars from taxpayers to support his lavish lifestyle,” said U.S. Attorney Ryan K. Buchanan. “Beard’s sentencing is a demonstration of our commitment to hold accountable public officials who trade their position of power for greed and personal gain.”

Nicole M. Argentieri, Principal Deputy Assistant Attorney General, emphasized the commitment of the Department of Justice to protect the integrity of federal funds, stating that Beard’s sentence serves as a strong message of deterrence against fraud and theft from state and local governments receiving federal benefits.

“Beard’s actions eroded public trust in government. As one of the most powerful people in Atlanta city government, he stole tens of thousands of dollars from taxpayers so he could go on luxurious trips and even buy custom-made machine guns,” said Keri Farley, Special Agent in Charge of FBI Atlanta. “Public corruption is one of the FBI’s top priorities and we continue to work to protect citizens against officials who abuse that trust.”

Demetrius Hardeman, Special Agent in Charge, IRS Criminal Investigation, Atlanta Field Office, added, “Jim Beard failed in his responsibilities to the community and utilized public tax dollars to satisfy his greed. The sentence today reinforces IRS Criminal Investigation’s commitment to investigating and forwarding for prosecution those who commit financial fraud.”

“Beard repeatedly abused his position, broke the law he was sworn to uphold, and betrayed the trust of the people of Atlanta,” said ATF Assistant Special Agent in Charge Alicia D. Jones. “This case demonstrates the partnerships of law enforcement to enforce the law and hold individuals accountable, regardless of their position or status.”

Beard, who served as CFO from November 2011 to May 2018, managed the Department of Finance and oversaw the City’s financial condition, earning an annual salary of over $260,000. During his tenure, Beard misappropriated city funds for personal use, including luxury travel, purchases such as two machine guns, and personal business expenses that were falsely claimed on his taxes.

Examples of Beard’s misuse of funds include nearly $4,000 charged to the city for hotel stays in Chicago for his stepdaughter to attend the Lollapalooza music festival, $2,641.90 used to purchase custom-built machine guns under the pretense they were for the Atlanta Police Department, and over $10,000 for a stay at the Shangri-La Hotel in Paris for himself and his wife. Beard also charged the city for trips to the New Orleans Jazz and Heritage Festival and requested personal reimbursement from the Municipal Securities Rulemaking Board for a work-related trip that had been paid for by the city.

Despite questions from lower-level city employees about the lack of documentation for his expenses, Beard used his position to demand that reimbursements be processed without the necessary receipts or work justifications. A city employee described the work environment under Beard, saying, “if the CFO asks you for something, you do not ask questions.”

Additionally, Beard submitted fraudulent tax returns for several years, claiming personal business expenses to reduce his tax liability. During a 2015 audit, Beard lied to the IRS and submitted falsified receipts for transactions that were paid by the city. It was later determined that Beard did not operate a personal business and his tax deductions were fabricated.

This case was investigated by the Federal Bureau of Investigation, the Internal Revenue Service Criminal Investigation, and the Bureau of Alcohol, Tobacco, Firearms and Explosives. The prosecution team included Assistant U.S. Attorneys Garrett Bradford and Tiffany Johnson, Department of Justice Trial Attorney Trevor Wilmot, and former Assistant U.S. Attorney Jeffrey Davis.