Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Former CEO of Monarch Mortgage indicted on seven counts in federal court, including bankruptcy fraud

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.

Click here to read more on this story.

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.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

FBI Arrests 8 in Miami accused of hiding assets before filing bankruptcy

Eight people were arrested this week and charged with concealing more than $3 million in assets from federal bankruptcy court in Miami.  The five cases allege that eight individuals hid or illegally transferred assets out of their name before filing for Chapter 7 bankruptcy.

The neighbors of one of the couples could not believe a small army of FBI agents arrived at their Miami high rise condo building early Tuesday morning, and escorted them out in handcuffs.

One of the accused couples liquidated a certificate of deposit worth approximately $141,829 in 2010, then filed a joint petition for Chapter 7 bankruptcy in 2011, according to the allegations in the indictment. Another one of the indictments allege a Pinecrest man transferred and concealed a Jeep Wrangler, a 34-foot boat, The Isabella, approximately $41,200 in cash and his interest and roles in companies he owned.  The fraudulent transfer of these assets was valued at more than $160,000.

A Boca Raton woman is accused of liquidating approximately $102,445 from her IRA account and transferring the money into a family member’s account.  A Miami couple is accused of concealing assets they held in a divorce settlement.  Among the assets concealed: Properties in North Carolina, valued at $336,300; $36,000 in cash to purchase a Jaguar valued at approximately $80,000; and $100,257 in cash from the sale of a condo in the Bahamas.

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.

Click here to read more on this story.

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.