The former chief financial officer of a Long Island lender was sentenced to 18 months in prison Wednesday after taking loan money for his personal use, the U.S. Attorney’s office that represents Long Island said.
Edward Sypher Jr., 42, of Scarsdale, was also ordered to serve three years of post-release supervision, forfeit $22,150.45 and pay restitution in an amount that will be determined later, prosecutors said.
Sypher had pleaded guilty in February to conspiring to commit wire and bank fraud with others at the now-defunct Vanguard Funding by fraudulently obtaining $8.9 million, purportedly to bankroll home mortgages and mortgage refinancing, authorities said.
“When fraudsters treat investors like their own personal ATMs, using funds invested in good faith to line their own pockets, pay for personal expenses, and repay other fraudulent loans, confidence in the integrity of our financial systems suffers,” William F. Sweeney, Jr., assistant director in charge of the New York FBI office, said in a news release.
Read the original article here: newsday.com
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