NORFOLK, Va. (WAVY) — A former Monarch Mortgage CEO plans to plead guilty to federal bankruptcy fraud, according to court documents.
Edward ‘Ted’ Yoder is expected to enter the plea on Wednesday. Sentencing guidelines call for 24 to 30 months behind bars.
Yoder was arrested by authorities in early June. He was charged with concealment of assets, false oaths and false declarations.
Yoder is accused of devising a scheme to defraud his creditors for more than $330,000. Investigators say he cashed in stock and transferred the money into his girlfriend’s bank account.
Yoder worked as the president and CEO of Monarch Mortgage until 2011.
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