San Jose Man Pleads Guilty To Defrauding Mortgage Lenders

John A. Bui of San Jose, Calif., pleaded guilty in federal court in San Francisco to charges related to his role in a mortgage fraud scheme. According to Joseph P. Russoniello, U.S. attorney for the Northern District of California, Bui and others assisted individuals who wanted to obtain mortgages from lenders. He routinely transmitted fraudulent loan applications containing false employment information and false and inflated income and bank account information to mortgage lenders. In addition, the loan applications were supported by false and forged documents that purported to verify the borrowers' employment, income and assets. Bui and other members of the scheme used a network of co-conspirators who agreed to pose as the borrowers' employers and falsely verify to the mortgage lenders the accuracy of the employment and income information listed on the loan applications. As a result of the scheme, Bui gained more than $3.5 million. Bui, who is currently in custody, is scheduled for sentencing on Nov. 6, 2009 before U.S. District Court Judge Susan Illston.