BAY COUNTY, Florida (WMBB) — Two people are facing federal charges for their role in reportedly 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 a variety of positions, including as a commercial loan officer.
During that time 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 is also accused of making unauthorized withdrawals from the bank accounts and lines of credit of Centennial Bank customers.
When customers 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 August 2, 2019.
It is estimated Woods and Cannon embezzled over $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 conspiracy to commit mail fraud.