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Justice News

Department of Justice
U.S. Attorney’s Office
Eastern District of Virginia

FOR IMMEDIATE RELEASE
Wednesday, October 12, 2016

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

NORFOLK, Va. – 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.

Dana J. Boente, U.S. Attorney for the Eastern District of Virginia; and Jonathan F. Trimble, Acting Special Agent in Charge of the FBI’s Norfolk Field Office, made the announcement after the plea was accepted by U.S. District Judge Magistrate Judge Robert J. Krask.  Assistant U.S. Attorney Stephen W. Haynie is prosecuting the case.

 

A copy of this press release may be found on the website of the U.S. Attorney’s Office for the Eastern District of Virginia.  Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 2:16-cr-83.

Topic: 
Financial Fraud
Updated October 12, 2016