Yao pleaded guilty in June to a 10-cout indictment charging him with seven counts of making class statements to a financial institution and other offenses.
Prosecutors say Yao got loans totaling more than $40 million while he was president and sole shareholder of Student Finance, which has been in bankruptcy since 2002.
Authorities say Yao hired a now-dead accountant to prepare fraudulent personal tax returns for himself and Student Finance.
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