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Jennifer Woods, Bank Fraud, Florida 2022
PANAMA CITY, FL – A brazen scheme to defraud Centennial Bank and its customers has landed two Florida residents in federal prison. Jennifer Woods, 46, of Panama City, and Jeffrey Cannon, 48, of Orlando, were sentenced earlier this month and today, respectively, for their roles in a conspiracy that siphoned over $3 million from unsuspecting account holders.
Woods, a former Vice President of Commercial Lending at Centennial Bank, abused her position of trust to embezzle funds, transferring the stolen money directly to Cannon, a real estate developer. The conspiracy spanned over a decade, from October 2006 to August 2019, with the bulk of the fraudulent activity occurring after February 2018. Woods connected Cannon with Centennial Bank customers, a clear violation of bank policies, seeking private investment for his real estate ventures.
The scheme wasn’t a one-time grab. Woods repeatedly embezzled funds, sometimes using the stolen money to cover Cannon’s debts or replace previously pilfered funds *before* victims noticed discrepancies in their accounts. The goal? To keep the fraud hidden and the money flowing. Cannon, in turn, fraudulently obtained over $3 million as a direct result of the conspiracy. U.S. Attorney Jason R. Coody stated the sentences should “serve as a significant deterrent” to others considering similar crimes.
The investigation, a joint effort between the Bay County Sheriff’s Office and the U.S. Secret Service, revealed a calculated betrayal of trust. Bay County Sheriff Tommy Ford emphasized that fraud “erodes the faith that citizens have in our financial institutions,” and applauded the collaborative effort to restore public confidence. Seth Reister, Resident Special Agent in Charge of the Secret Service’s Tallahassee office, called the case a “testament to the high level of law enforcement proficiency” in the Northern District of Florida.
Both defendants will face supervised release following their prison terms. Woods received a 24-month sentence, followed by five years of supervised release. Cannon was sentenced to 41 months, followed by three years of supervised release. Crucially, the court ordered both Woods and Cannon to pay over $3 million in restitution to Centennial Bank and its customers. A $3,069,114.39 forfeiture money judgment was also levied against Cannon.
Assistant United States Attorney Justin M. Keen prosecuted the case, highlighting the dedication of the U.S. Attorney’s Office for the Northern District of Florida in tackling financial crimes. The investigation serves as a stark reminder that those who exploit positions of power for personal gain will be held accountable, and the Secret Service remains committed to protecting the nation’s financial systems.
Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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