Update in Jed Hiers Case

Posted by
Kelli Peacock Dunn
in News
Friday, July 8. 2011
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Jed Hiers, the former president of C & L Bank of Bristol, has pled not guilty to federal charges of conspiracy to commit bank fraud and making false entries into the books and records of a federally-insured bank.

According to Assistant U.S. Attorney Karen Rhew-Miller, Hiers was arraigned before U.S. Magistrate Judge William C. Sherill, Jr. Wednesday afternoon and entered a not guilty plea.

A trial date has been set for September 6.

When asked if additional arrests are anticipated, Miller could not confirm or deny, but told The County Record, "Only one person has been indicted. I can’t talk about any other pending investigations."

As reported by The County Record on Wednesday, 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.
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