Former CEO of Monarch Mortgage pleads guilty to concealment of bankruptcy assets

Norfolk, Va. – The former president and CEO of Monarch Mortgage pleaded guilty Wednesday to concealing approximately $350,000 in bankruptcy assets.

According to a plea agreement, Edward Yoder, 50, filed a voluntary bankruptcy petition in July 11, 2011. One month later, Yoder listed that he owned 153,000 shares of Sirius stock valued at $350,000.

In October 2012, Yoder sold the Sirius stock for approximately $339,000. He transferred $330,000 to the Monarch Bank account of his co-defendant, Susan Spearman.

The plea agreement also states that on December 5, 2012, Yoder filed another chapter seven bankruptcy petition and a chapter seven trustee was appointed.

During the bankruptcy case, Yoder failed to mention his sale of the Sirius stock and the transfer of the money into Spearman’s account.

Spearman transferred $350,000 on December 19, 2012 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 paid out over $310,000 from Spearman’s Infinex Financial Group, Virginia Asset Group, brokerage account for his own benefit.

Yoder is set to be sentenced on February 8. He faces up to five years in prison.