Panama City, FL –
BAY COUNTY, Fla. (WMBB) – Two people face federal charges for their role in embezzling millions of dollars from a local bank.
According to an indictment, from October 2006 to August 2019, Jennifer Woods worked at Centennial Bank in Panama City in various positions, including as a trade credit officer.
Meanwhile, Woods allegedly forged documents in order to facilitate unauthorized short-term, high-interest loans to Jeffery Cannon while receiving a commission for some of those loans, prosecutors wrote in the indictment. The pair are also accused of making unauthorized withdrawals from Centennial Bank customers’ bank accounts and lines of credit.
When clients complained, Woods told them the withdrawals were the result of a bank error, prosecutors wrote.
Centennial Bank discovered the loans in July 2019. Woods resigned on August 2, 2019.
Woods and Cannon are estimated to have embezzled more than $ 3,490,474 from the bank, federal prosecutors wrote in the indictment. They are each charged with one count of fraud and two counts of conspiring to commit postal fraud.
Grand jury charges two with embezzling millions from a local bank | MyPanhandle.com Source link Grand jury charges two with embezzling millions from a local bank | MyPanhandle.com