Appeals Court to Uphold Fraud Conviction
A federal appeals court has upheld the conviction of former mortgage broker Michael Persac. Persac and former broker Jason Ellis were convicted in 2011. They were both ordered to prison and were ordered to forfeit more than three-million dollars and pay more than $781,000 in restitution. A three-judge panel of the 5th U.S. Circuit Court of Appeals upheld Persac’s conviction Thursday. Persac and Ellis were charged in a 47-count indictment alleging fraud and money laundering in obtaining sixty-five loans for borrowers totaling $3.3 million. Ellis pleaded guilty in 2006 and Persac pleaded guilty in 2008. Ellis was sentenced to five months in prison. Persac was sentenced to thirty months.