Three men were among three financial executives at a Long Island-based mortgage lender who were arrested for an alleged scheme to fraudulently obtain nearly $9 million in loans, federal authorities said.

Edward Bohm, 39, of Nissequogue, 42-year-old Matthew Voss of Northport and 40-year-old Edward Sypher of Scarsdale were each charged Tuesday with conspiracy to commit wire and bank fraud at Central Islip central court.

“The defendants sought short-term loans from financial institutions that served as a repository for lenders,” said William F. Sweeney, Jr., the Assistant Director-in-Charge of the FBI’s New York office. “They then allegedly took the money, which is typically intended for borrowers looking to purchase a home, and used it for their own personal gain.”

Authorities said the trio, who were senior executives at Vanguard Funding, LLC, obtained more than $8.9 million worth of warehouse loans for Vanguard to fund mortgages, but then allegedly misused the loans to pay personal expenses and to repay earlier fraudulently obtained loans between August 2016 and March 2017.

Voss is the company’s chief operating officer, Sypher is the chief financial officer and Bohm is the president of sales.

Voss and Syphe were released on $30,000 bond. Bohm was released to home detention. If convicted, they face up to 30 years in prison.

[wpdevart_facebook_comment title_text="Comments" title_text_color="#000000" title_text_font_size="22" title_text_font_family="monospace" title_text_position="left" width="100%" bg_color="#CCCCCC" animation_effect="random" count_of_comments="5" ]
Previous articleBest of Long Island Spotlight: Top Pizzerias
Next article9 Acts We Loved at Billboard Hot 100 Fest
Timothy Bolger is the Editor in Chief of the Long Island Press who’s been working to uncover unreported stories since shortly after it launched in 2003. When he’s not editing, getting hassled by The Man or fielding cold calls to the newsroom, he covers crime, general interest and political news in addition to reporting longer, sometimes investigative features. He won’t be happy until everyone is as pissed off as he is about how screwed up Lawn Guyland is.