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In a relatively rare indictment of a former mortgage executive, federal authorities have charged Edward ‘Ted’ Yoder, ex-CEO and president of Monarch Mortgage, with bankruptcy fraud.
According to a WAVY.com report, Yoder was arrested at his Virginia Beach home yesterday and charged with one count of bankruptcy fraud, two counts of concealment of assets, two counts of false declarations and one count of forfeiture relating to an alleged scheme that defrauded creditors of $339,660. He was later released on $5,000 unsecured bond, but he was ordered to undergo mental health and substance abuse treatment—Yoder was arrested in April on a misdemeanor charge of public drunkenness.
Susan M. Spearman, a former girlfriend of Yoder, pleaded guilty last month to one count of federal bankruptcy fraud relating to her involvement in this alleged scheme.
Brad Schwartz, CEO of Monarch Bank and Financial Holdings Inc., issued a statement that distanced the company from Yoder. “Although Ted Yoder was the President and CEO of Monarch Mortgage from 2007-2011, he has not worked with the company since then,” he said. “We have no further comment on the charges filed against him today, which are unrelated to his service with Monarch.”