SAN FRANCISCO -- A San Jose man who pleaded guilty to a mortgage loan fraud scheme has been sentenced. The judge in the case ordered 46-year-old John Bui to serve 41 months in Federal prison and pay $3.5 million in restitution. After his release from prison, he will continue to be supervised for the next three years.
Bui had pleaded guilty to conspiracy to commit wire fraud and other charges in August of last year. According to investigators, Bui confessed to defrauding mortgage lenders by providing phony information on mortgage applications.
He had run the scheme out of his Milpitas office between 2003 and 2006.
