PANAMA CITY, FLA. (WMBB) — One of the two suspects indicted in a multi-million embezzlement scheme has agreed to a plea deal with federal prosecutors.
Prosecutors say 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 original indictment. The pair is also accused of making unauthorized withdrawals from the bank accounts and lines of credit of Centennial Bank customers.
In their statement of facts, prosecutors wrote that Cannon and Woods stole $4.5 million from Centennial customers.
According to the plea agreement Woods faces up to 30 years in prison, a $1 million fine, and restitution to the victims.
Cannon is set to go to trial in December.