NORFOLK, Va. (WVEC) -- Former President and CEO of Monarch Mortgage Edward Yoder pleaded guilty Wednesday to concealing about $350,000 in bankruptcy assets.
In the statement of facts filed with the plea agreement, Yoder, 50, of Virginia Beach, filed a voluntary bankruptcy petition on July 11, 2011. One month later, Yoder listed in a filing that he owned 153,000 shares of Sirius stock, valued at $350,000.
In October of 2012, Yoder sold the Sirius stock for $339,000 and transferred $330,000 to co-defendant Susan Spearman's Monarch Bank account.
Officials say court records show on Dec. 5, 2012, Yoder again filed a chapter 7 bankruptcy and a chapter 7 trustee was appointed. Over the course of the bankruptcy case, Yoder did not reveal his sale of the Sirius stock and the wiring of the money to his bank account and transfer to Spearman'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.
Court records show from Dec. 5, 2012 to Jan. 24, 2014, Yoder disbursed or caused to be disbursed, more than $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.