Former Bristol Bank Director Convicted

By: U.S. Department of Justice Release
By: U.S. Department of Justice Release

TALLAHASSEE, FLORIDA - November 17, 2011 -

Jed Hiers, 50, of Bristol, Florida, was convicted today of conspiracy to commit bank fraud and nine counts of making false entries in bank records with the intent to deceive bank examiners. Hiers served as the president of C&L Bank of Bristol in the 1990s. After C&L was purchased by The Bank in 1999, Hiers continued to serve as president of the Bristol branch. In 2001, he was appointed to The Bank’s Board of Directors and promoted to the position of Florida Regional President.

Evidence presented at trial established that between 1999 and 2004, Hiers conspired to make millions of dollars in loans and other extensions of credit to borrowers who he knew were unable to repay. Hiers hid the bad loans from bank management and federal examiners by falsifying customer financial information, using overdraft accounts to make payments on the borrowers’ existing loans, and using the proceeds from loans to third parties to make payments on the debts of insolvent bank customers. The government also presented evidence that Hiers had concealed the true financial picture of the bank from examiners and bank management by falsely representing that certain substandard loans had been sold to another financial institution, when, in fact, Hiers had entered separate buy-back agreements in which he agreed The Bank would repurchase the loans at the buyer’s request. In an examination begun shortly after Hiers’ employment with The Bank terminated, examiners classified more than $20 million in loans in the Florida region as losses.

Hiers faces a maximum sentence of five years’ imprisonment for conspiracy and a maximum sentence of thirty years’ imprisonment on each of the nine false entry counts.

United States Attorney Pamela Marsh praised the work of the Federal Bureau of Investigation and the Florida Department of Law Enforcement, whose joint investigation led to the convictions in this case. “Mr. Heirs’ fraudulent actions caused The Bank to lose millions of dollars. As a bank officer, he not only violated the law, he violated the trust of the community. I am grateful for the tremendous efforts of the prosecutor and the case agents in this case, as well as for the resources committed by the agencies during a complicated investigation.”

The case was prosecuted by Assistant U.S. Attorney Karen Rhew-Miller.

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  • by Anonymous on Nov 19, 2011 at 04:15 PM
  • by Jackson Location: Quincy on Nov 18, 2011 at 01:25 PM
    What goes around comes around. Justice is finely served. I am sorry for his family, but his former actions in the banking world hurt a lot of people. He lied out of both sides of his mouth - at the same time.
  • by Chris Location: Tally on Nov 17, 2011 at 06:57 PM
    Don't forget Farmers & Merchants they are really screwing people over especially on insurance. An investigation is definitely needed.
  • by Tea Party Wall Street supporter on Nov 17, 2011 at 03:17 PM
    As Phil Collins used to sing, "there must be some misunderstanding, there must be some kind of mistake". Bankers don't commit any crimes. Only the Occupy Wall Street liberals commit financial crimes, motivated by greed. Banks and the financial industry are all honest, motivated by helping their fellow man, not by an obsession to make money by deceit and lies. Therefore, this banker must obviously be innocent.
  • by me Location: tally on Nov 17, 2011 at 03:03 PM
    This guy should spend the rest of his life in prison.
    • reply
      by no of ur business on Nov 17, 2011 at 08:27 PM in reply to me
      how bout u spend the rest of your life in jail theres no telling what crime you are committing out there.
  • by Bbanker Location: Florida on Nov 17, 2011 at 01:39 PM
    when something appears to be too perfect in the banking world, it usually isn't. Good work on the part of the enforcement officials, but it took a very long time.
  • by Exbanker Location: Tallahassee on Nov 17, 2011 at 12:28 PM
    Since stupidity is not a defense what about the Wakulla Bank boys, Premier Bank,CMBS,Colonial (no crooks there- huh Bobby?),People's (poor Chapman),and hundreds more in every town USA. $5,000,000.00 in compensation for the greedy mortgage idiots-well, I guess nobody that makes that kind of money is a total idiot unless he's poor Michael Vick.
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