VIRGINIA BEACH, Va. – A former Monarch Bank CEO was sentenced to two years in prison for concealing approximately $350,000 in bankruptcy assets.
Edward Yoder, 50, pled guilty to the charge back in October.
The bankruptcy investigation stems from stock that Yoder owned in Sirius Radio. According to federal authorities, Yoder failed to disclose the sale of his Sirius stock, which he discreetly sold in October 2012 for approximately $350,000.
On the same day of the sale of Sirius stock, Yoder wired the $350,000 to his Monarch bank account and then transferred the money to girlfriend and co-conspirator Susan Spearman’s Monarch account.
Spearman concealed the $350,000 in her account until after Yoder filed his Chapter 7 petition on December 5, 2012.
Two weeks later, on December 19, 2012, Spearman, at the behest of Yoder, transferred the $350,000 from her account to her brokerage account with Infinex Financial Group, Virginia Asset Group.
From December 19, 2012, to January 24, 2014, Yoder caused Spearman to disburse with bank checks from her brokerage account over $310,000 from Spearman’s brokerage account, for his own benefit and for the benefit of his parents and children, the Department of Justice said.
Yoder was also ordered to pay $364,660 in criminal restitution.
He was the CEO of Monarch Mortgage when the investigation began.
Yoder faced up to five years in prison for the crime, but a judge sentenced him to two years.
Courtroom witnesses say Yoder was immediately taken away by security after he was sentenced.