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.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info