Two sentenced for role in mortgage fraud scheme
Published: November 10,2011
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.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Baseball stadium for Farish Street? It’s possible
- White House hotel making comeback in Biloxi
- Guns OK inside Mississippi polling places, attorney general says
- Supreme Court deals blow to McDaniel's election challenge
- State GOP chairman calls on McDaniel to hurry with challenge
- McCarthy hired as CFO of Mississippi Development Authority
- 'Get on Up' movie premiers in Madison with Chadwick Boseman and Tate Taylor walking the red carpet
- Bryant protests immigrant children being housed in state
- Gunn, Reeves introduce performance-based budget plan
- Former state lawmaker Green dies at home at age 62