President of Maryland Tax and Financial Management Companies Pleads Guilty to Defrauding Client

President of Maryland Tax and Financial Management Companies Pleads Guilty to Defrauding Client

Paul Randolph Beeks, Jr., age 58, of Mt. Airy, Maryland, pleaded guilty on Friday to wire fraud arising from a scheme to defraud one of his clients of at least $526,000.

According to his plea agreement, from January 2008 to the present, Beeks was the President of various Maryland tax and financial management companies including PRB Tax & Accounting Services, Inc. (hereafter “PRB”) and Elite Financial Services, LLC (hereafter “Elite Financial”). In 2008, at the request of the physician who owned and operated Mid Atlantic Radiology Services, LLC (MARS), Beeks incorporated MARS in Maryland, and was entrusted with all of MARS’ accounting, tax, and financial responsibilities. Beeks also conducted payroll on behalf of MARS, paid MARS’ vendors and paid malpractice insurance for MARS’ physicians.

Starting in November 2009 and continuing to August 2015, Beeks, in his capacity as MARS’ accountant and financial planner, caused approximately 24 wire transfers from MARS accounts to bank accounts associated with Beeks’ various companies. In order to disguise the theft of funds, Beeks falsely claimed that some of these wire transfers were for management fees and bonuses. However, no management fees or bonuses were authorized by any MARS representative and the remaining wire transfers were not for legitimate purposes.

As part of his plea agreement, Beeks will be required to forfeit all property involved in the offense, including, but not limited to a money judgment of at least $336,077.

Beeks faces a maximum sentence of 20 years in prison for the conspiracy. His sentencing is scheduled for January 19, 2017, at 9:30 a.m.

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