Two sentenced for role in mortgage fraud scheme
by Associated Press
Published: November 10,2011
Tags: banking and finance, Banks, brokers, courts, financial institutions, home loans, homes, houses, loans, mortgage fraud, mortgages, real erstate, residences, sentencing, trial
JACKSON — Former mortgage brokers Jason Ellis and Michael Persac will forfeit more than $3 million and pay more than $781,000 in restitution for their part in a mortgage fraud scheme.
Ellis and Persac, out on bond since they were charged in 2005 in a mortgage fraud case, also are going to prison after their sentencings Wednesday in U.S. District Court in Jackson.
The Clarion-Ledger reports Ellis and Persac were charged in a 47-count indictment alleging fraud and money laundering in obtaining 65 loans for borrowers totaling $3.3 million.
Ellis pleaded guilty in 2006 and Persac pleaded guilty in 2008 in plea agreements to some counts.
Ellis was sentenced to five months in prison, followed by five months of house arrest.
Persac will spend 30 months in prison.
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