Senior execs at Vanguard Funding accused of embezzling $8.9 million 

Three senior executives at a New York mortgage lender were arrested Tuesday morning and charged with misappropriating $9 million from warehouse lines of credit meant to be used to fund mortgages. The three men, who are senior executives at Vanguard Funding, stand charged with conspiracy to commit wire and bank fraud for allegedly misusing the warehouse funds to pay for personal expenses and compensation.