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BREAKING NEWS – Former Bristol bank president indicted

The former president of C&L Bank of Bristol, has been indicted on federal charges of conspiracy to commit bank fraud and making false entries into the books and records of a federally-insured bank. By an indictment filed yesterday afternoon, Jed Hiers, 50, of Bristol, was charged with one count of conspiracy to defraud The Bank, also doing business as C&L Bank, in Bristol, Florida, and nine counts of making false entries into the books and records of the bank. The indictment alleges that between 1999 and 2004, Hiers, a bank officer, conspired with others to conceal the true financial picture of the bank from bank examiners and the bank’s own management. Hiers is alleged to have made loans and extensions of credit to borrowers who were unable to repay, and that he attempted, through a variety of means, to conceal the borrowers’ actual indebtedness from bank examiners. The allegations include charges that Hiers falsified borrowers’ financial statements, that he made loans to third parties for the purpose of paying off the loans of other borrowers, and that he made false statements in response to audit questions of a bank employee examining existing loans. Hiers’ initial appearance on the charges is set for 4:00 today before United States Magistrate Judge William C. Sherrill, Jr. in Tallahassee. United States Attorney Pamela C. Marsh praised the work of the Federal Bureau of Investigation, and the Florida Department of Law Enforcement whose joint investigation led to the charges in this case. The case is being prosecuted by Assistant U.S. Attorney Karen Rhew-Miller. An indictment is merely a charging document. Every defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.

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