Northport Man Pleads Guilty To $9M Wire, Bank Fraud

A top business executive from Northport pleaded guilty on Thursday to conspiring to commit $8.9 million in wire and bank fraud, according to the U.S. Attorney's Office of the Eastern District of New York.

Matthew T. Voss, 42, Chief Operating Officer of Long Island mortgage lender Vanguard Funding, LLC (Vanguard), and Edward J. Sypher, Jr., 41, of Scarsdale, who served as Vanguard's Chief Financial Officer, face up to 20 years in prison.

Voss and Sypher obtained warehouse loans, or short-term loans, for Vanguard by "falsely representing that Vanguard would use the proceeds of those loans to fund mortgages or mortgage refinancing for Vanguard’s clients," from August 2016 to March 2017, the U.S. Attorney said.

Voss and Sypher would, once Vanguard received the loans, divert the loans and use the money for their own personal use, and to pay off other fraudulent loans, officials say.

Officials say almost $9 million in loans were fraudulently obtained and misused.

Voss and Sypher were arrested in August 2017 along with Vanguard's President of Sales, 39-year-old Nissequogue resident Edward E. Bohm.

Both Voss and Sypher face the prison sentence as well as restitution, criminal forfeiture and a fine.

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