Edward “Ted” Yoder, former CEO of Monarch Mortgage, faced a federal judge on seven charges, including bankruptcy fraud. The judge told the former bank head that he did not qualify for a court-appointed attorney, for which tax dollars would pay. Yoder was picked up by ten FBI agents, wearing a shirt that read, “Some guys have all the luck.”
Many people in Hampton Roads trusted him with their money for their most prized possession- their home. Now he is being accused of illegally handling funds. Court records accuse Yoder of hiding money, property and investments collectively valued at more than one million dollars from bankruptcy trustees.
Essentially, the case alleges when Yoder filed for bankruptcy, he concealed some of his assets by hiding them in another person’s account.
Yoder’s co-conspirator, Susan Spearman, a woman who has already pled guilty in federal court, must cooperate in any additional grand juries or trials. According to court records, Yoder owned shares of SIRIUS stock, valued at about $350,000. On October 5, 2012, Yoder had those shares sold and netted $339,660.19. Right after that, the U.S. attorney says Yoder transferred most of that money to the woman who aided him: Susan Spearman.
Two months later for the purpose of “concealing the scheme,” Yoder filed for bankruptcy. The court documents said he “never disclosed the sale of the stock or the transfer to Spearman in his bankruptcy case.” In addition, during this time as alleged in the statement of facts, Yoder told Spearman to transfer the money back to him.
Yoder maintains his innocence and has been a fixture on the Hampton Roads financial circuit for decades. Some wonder if this will result in implications for the financial industry.
Yoder is expected back in court for his arraignment on June 22, 2016.
This should come as a warning to anyone who plans to hide assets from the bankruptcy court. Bankruptcy trustees are experts at finding undisclosed cash, property, vehicles, boats, jewelry, antiques, and collectibles. If you are caught trying to hide assets, the consequences are big. Your discharge will be denied, and you will be unable to discharge the debts you listed in a subsequent bankruptcy filing. In addition, the potential penalty for bankruptcy crimes includes fines and imprisonment of up to five years.
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If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.