Ex-Monarch Mortgage Chief Pleads Guilty to Bankruptcy Fraud

A once-prominent Virginia mortgage banking executive pleaded guilty today to charges of attempting to assets during a bankruptcy declaration.

According to a Virginian-Pilot report, Edward “Ted” Yoder, the former president and CEO of Monarch Mortgage, was originally charged with concealing more than $1 million in assets from his creditors when he declared bankruptcy in 2011. However, his plea deal focuses only on $339,000 worth of Sirius stocks that were not disclosed during his bankruptcy proceedings.

Yoder, who left Monarch Mortgage in 2011, faces up to five year in prison and a $250,000 when he is sentenced on Feb. 8. Yoder’s attorney, Richard Doummar, commented on the plea deal by telling reporters, “It's a very sad day for Ted Yoder and his family, He is very sorry for his actions.”

Assistant U.S. Attorney Stephen Haynie declined to comment.

Prosecutors initially charged Yoder, 50, with concealing more than $1 million in assets from his creditors, but court documents filed in connection with the plea agreement focus only on $339,000 worth of Sirius stocks. The documents say he did not disclose the sale of those stocks to the bankruptcy court.

The prosecution's case was based largely on the fact that Yoder sought Chapter 11 bankruptcy protection in July 2011 as he faced two lawsuits in Virginia Beach Circuit Court. The Bank of Hampton Roads was seeking to recover loans made to a Manteo, N.C., development partnership that Yoder personally guaranteed.