Former President & CEO of Monarch Mortgage Guilty of Concealment of Bankruptcy Assets

Former President & CEO of Monarch Mortgage Guilty of Concealment of Bankruptcy Assets

The former president and chief executive officer of Monarch Mortgage, which is a part of Monarch Bank in Virginia Beach, pleaded guilty today to concealing approximately $350,000 in bankruptcy assets.

According to the statement of facts filed with the plea agreement, Edward O. Yoder, 50, of Virginia Beach, filed a voluntary bankruptcy petition on July 11, 2011. In a filing a month later, Yoder listed that he owned 153,000 shares of Sirius stock valued at $350,000. In October of 2012, Yoder sold the Sirius stock for approximately $339,000, and transferred $330,000 to co-defendant Susan Spearman’s Monarch Bank account.

According to the statement of facts filed with the plea agreement, on Dec. 5, 2012, Yoder again filed a chapter 7 bankruptcy petition and a chapter 7 trustee was appointed. During the course of the bankruptcy case, Yoder did not disclose his sale of the Sirius stock and the wiring of the proceeds to his bank account and subsequent transfer to Spearmen’s account, as required. On Dec.19, 2012, Spearman transferred $350,000 from her Monarch Bank account to her account with Infinex Financial Group, Virginia Asset Group, brokerage account. From Dec. 5, 2012, and Jan. 24, 2014, Yoder disbursed or caused to be disbursed, over $310,000 from Spearman’s Infinex Financial Group, Virginia Asset Group, brokerage account for his own benefit.

Yoder faces a maximum penalty of five years in prison and a $250,000 fine when sentenced on Feb. 8, 2017. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory Sentencing Guidelines and other statutory factors.