Two ex-financial executives at a Long Island-based mortgage lender have admitted to hatching a scheme to fraudulently obtain nearly $9 million in loans, federal authorities said.

Matthew Voss, 42, of Northport and 41-year-old Edward Sypher of Scarsdale pleaded guilty Thursday to charges of conspiracy to commit wire and bank fraud at Central Islip central court. A third suspect, 39-year-old Edward Bohm of Nissequogue, is in plea negotiations with prosecutors after being indicted on additional charges last month, records show.

“The defendants sought short-term loans from financial institutions that served as a repository for lenders,” William F. Sweeney, Jr., the Assistant Director-in-Charge of the FBI’s New York office, has said. “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 have 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 was the company’s chief operating officer, Sypher was the chief financial officer and Bohm was the president of sales.

Voss and Syphe were released on $30,000 bond. Bohm was released to home detention. Voss and Syphe face up to 20 years in prison, restitution and fines when sentenced by Judge Sandra J. Feuerstein.

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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.