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The former president and chief executive officer of Monarch Bank’s Monarch Mortgage pleaded guilty to hiding about $350,000 in bankruptcy assets on Wednesday in federal court.
Edward O. Yoder, 50, of Virginia Beach, could be sentenced to up to 5 years in prison and a $250,000 fine in February for hiding the money in the Monarch Bank account of co-defendant Susan Spearman, according to a U.S. Department of Justice news release.
The plea came about one week before Yoder was scheduled to appear at a jury trial in the U.S. District Court for the Eastern District of Virginia.
Yoder was arrested on June 9, almost five years after he first filed for voluntary bankruptcy in 2011. In August 2011, he listed that he owned 153,000 shares of Sirius stock valued at $350,000.
In October 2012, Yoder sold the stocks for $339,000 and transferred $330,000 to Spearman’s account. Two months later he filed for bankruptcy again, but didn’t disclose the sale of his stock, the release states.
In December 2012, Spearman transferred $350,000 from her Monarch Bank account to a brokerage account with Infinex Financial Group, Virginia Asset Group where Yoder spent about $310,000 on himself over the course of more than a year.
Virginia Beach defense attorney Richard Habib Doummar could not be immediately reached for comment.