The Monarch Mortgage former president and CEO was indicted on charges of concealing over $1 million in assets several years ago when he declared bankruptcy, according to an article by Scott Daugherty and Cindy Clayton for The Virginian Pilot.
After declaring bankruptcy in 2011 and 2012, Edward Yoder was arrested Thursday, then released on a $5,000 bond, according to the article. June 22 he will return to the U.S. District Court to be arraigned on one count of bankruptcy fraud and two counts of each concealment of assets, false oaths and false declarations.
From the article:
The indictment alleges Yoder sold 132,950 shares of Sirius stock in October 2012 between the two filings. It also claims he wired the proceeds of that sale –$339,660.19 – to an acquaintance, as well as another $25,000 in a separate transaction.
Court documents said Yoder did not disclose the sale of the stock and wire transfers in his second petition. He also didn’t disclose that the woman, Susan Spearman, returned to him at least $310,000 by Jan. 24, 2014.
The indictment alleged Yoder also concealed more than $55,000 in federal and state tax refunds and more than $664,000 in property.
Spearman receives her sentencing on September 16 after pleading guilty to one count of bankruptcy fraud last month, however her attorney insists Spearman didn’t know she was doing anything wrong, according to the article. Spearman’s attorney describes her as a victim in this case.
United States District Court, Eastern District of Virginia Magistrate, Judge Lawrence Leonard is presiding the case.