The former acting president of Southern Vermont College has killed himself after being accused of embezzling $400,000 from the school, police said Thursday.

Vermont State Police said James Beckwith was found dead in his home Wednesday by a self-inflicted gunshot wound.

Beckwith, the former chief financial officer and chief operating officer of the small liberal arts school, was accused of taking the money between October 2012 and January, depositing it into his personal account, and using $260,000 to pay down two mortgages on his South Londonderry home.

The U.S. Attorney's office said Thursday it filed a complaint alleging the home and account are forfeitable as proceeds of mail fraud and as property involved in money laundering.

When questioned about the matter, Beckwith resigned from the college Feb. 3.