NORFOLK, Va. (WVEC) -- The former president and chief executive officer of Monarch Mortgage was sentenced to two years in prison for concealing nearly $350,000 in bankruptcy assets, Wednesday.
50-year-old Edward Yoder was also ordered to pay $363,660 in criminal restitution.
Yoder pleaded guilty in October 2016.
According to court documents Yoder took out two loans for a planned North Carolina residential community, those loans totaled $3 million. He then filed for Chapter 11 bankruptcy in July 2011, while facing two lawsuits in Virginia Beach. He lost both lawsuits and soon the Bank of Hampton Roads tried to recover the loans.
The first time that Yoder filed Chapter 11 bankruptcy, he listed several millions in assets, including approximately 133,000 shares of stock in Sirius XM Radio. Those stocks were worth a few hundred thousand dollars. That petition, however, was dismissed in early 2012, and again in December 2012.
Yoder then filed for Chapter 7 bankruptcy, and a Chapter 7 Trustee was appointed. In the second bankruptcy petition, Yoder did not tell anyone about the sale of his stocks in Sirius XM Radio. Those stocks sold for around $350,000 in October 2012.
On the same day in October 2012, Yoder wired the $350,000 to his Monarch bank account before transferring the same amount of money to his girlfriend, Susan Spearman, who was later named as a co-conspirator.
Spearman kept the $350,000 in her account while Yoder filed his Chapter 7 petition. Two weeks later she transferred the money from her account to a brokerage account with Infinex Financial Group, Virginia Asset Group. She then disbursed bank checks from that account between December 19, 2012 and January 24, 2014. Over $310,000 from the account was used to benefit Yoder, his parents, and his children.