Published: Mar 31, 2011 5:35 PM EDT
Updated: Mar 31, 2011 2:37 PM EDT

FORT MYERS, Fla - A federal judge released Jerry Williams on $250,000 bond today.

The former CEO of Naples-based Orion bank was indicted by a grand jury on ten count of bank fraud, money laundering and deceiving regulators.

U.S. Attorney Robert E. O'Neill announced the details of their case in a press conference in Downtown this morning.

"He's also charges with two counts of misapplication of bank funds. Two counts of making false entries in the reports on Orion Bank. Mail fraud, wire fraud and money laundering", O'Neill said.

Prosecutors allege Williams signed off to two loans for a customer to by stock in the bank to boost its bottom line. Federal authorities say bogus documents were used to support the loan.

The two loans totaled $82 million with $15 million going toward the purchase of Orion stock. Federal authorities say Williams needed the cash infusion to hide the face that the bank was failing.

Orion Bank was shut down by regulators back in 2009. Its failure cost the FDIC an estimated $615 million even after Iberia bank took over Orion's assets.

Williams pleaded not guilty to all charges. If convicted he faces up to 220 years in prison.