Ex-Monarch Mortgage Chief Pleads Guilty to Bankruptcy Fraud – NMP Skip to main content

Ex-Monarch Mortgage Chief Pleads Guilty to Bankruptcy Fraud

Phil Hall
Oct 12, 2016
A once-prominent Virginia mortgage banking executive pleaded guilty today to charges of attempting to assets during a bankruptcy declaration

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.

Published
Oct 12, 2016
CFPB Alters Threshold For Exempting Loans From Special Appraisal Requirements

The 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. 

Regulation and Compliance
Dec 02, 2021
Regulatory Review, Reformatted

The progress made to date with NMLS modernization

Regulation and Compliance
Dec 01, 2021
November Surprise: Fed May Accelerate Tapering

Chairman Powell tells Congress of concerns about inflation, COVID-19 variant’s effect on recovery.

Regulation and Compliance
Dec 01, 2021
FHFA's 2022 Conforming Loan Limit Maxes Out At Nearly $1M

Baseline limit for Fannie, Freddie increases to $647,200, but for 'high-cost areas' loan ceiling set at $970,800 for single-family homes.

Regulation and Compliance
Dec 01, 2021
Regulators Are Back In The Saddle

There’s not only a new sherriff in town, it’s a whole gang of them.

Regulation and Compliance
Nov 29, 2021
CFPB Seeks Insight On Creating A Fairer Mortgage Market

The Consumer Financial Protection Bureau has been actively looking to create a fairer mortgage market, free of discriminatory engagements. To do so, it issued a Request for Information to seek input on rules implementing the Home Mortgage Disclosure Act.

Regulation and Compliance
Nov 17, 2021