The former chief operating officer and chief financial officer of a New York mortgage lender admitted in court this week that they conspired to misappropriate more than $8.9 million from warehouse lines of credit that were meant to fund mortgages.
According to the U.S. Attorney’s Office for the Eastern District of New York, Edward Sypher, Jr. and Matthew Voss, who are senior executives at Vanguard Funding, pleaded guilty to conspiring to commit wire and bank fraud in connection with the scheme.
Sypher and Voss each face up to 20 years in prison, along with restitution, criminal forfeiture and a fine.
