Former Mortgage Lender Sentenced For Fraud
Summary
A former owner and executive of a Long Island mortgage company was sentenced to two years in federal prison Tuesday for his role in an $8.9 million fraud scheme. “With today’s sentence, Edward Bohm has been deservedly punished for his role in a fraudulent scheme that deceived banks that trusted and relied upon him as a business partner,” said Breon Peace, U.S. State’s Attorney for the Eastern District of New York. On Feb. 6, 2019, Vanguard Senior Vice President and Chief Financial Officer Edward J. Sypher Jr. was sentenced to 18 months in prison and almost $3.5 million in restitution following his conviction on conspiracy to commit wire and bank fraud charges. On Feb. 26, 2019, Vanguard Chief Operating Officer Matthew T. Voss was sentenced to two years in prison and $3.5 million in restitution following his conviction on the same charges. “Edward Bohm and his associates at Vanguard Funding defrauded the financial institutions that provide critical residential mortgage funding, helping themselves to the short-term loans they falsely claimed were on behalf of consumers,” said Adrienne Harris, superintendent for the New York State Department of Financial Services.