Former Monarch Mortgage head pleads guilty to hiding bankruptcy assets is your source for free local news and information in Virginia Beach

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.

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Adrienne Mayfield is an award-winning, multi-media journalist hailing from Clermont, Fla. She moved to Lynchburg, Va. on a whim when she was 19, and worked her way to Hampton Roads in 2013. Adrienne is passionate about telling people stories via covering public safety and the judicial system. She isn’t afraid to take a heads-on approach to covering crime, including knocking on doors to get the details police aren’t sharing. Adrienne is a 2014 Old Dominion University graduate who still lives within walking distance of the college. You may see her cruising around Downtown Norfolk on her bike, enjoying a sandwich from Grilled Cheese Bistro or playing fetch with her dog, Greta, at the Colonial Place dog park.