Georgia’s insurance commissioner Jim Beck has been indicted on 38 counts including charges of wire fraud, mail fraud and money laundering.

Reports said that the charges stem from Beck’s time as general manager of operations for the Georgia Underwriting Association.

He is accused of devising a scheme to defraud the association of millions of dollars.

Prosecutors said that Beck used the company’s money for personal expenses and to fund personal investment, retirement and savings accounts, as well as his statewide election campaign.

Beck maintains his innocence stating that the charges “have no bearing on his service as an elected official to the people of Georgia.”

Beck was elected as Insurance and Fire Safety Commissioner last November.