Two Sentenced for Mortgage Fraud

JACKSON, MS – November 10, 2011 – (RealEstateRama) — Michael Lance Persac, 37, of Canton, was sentenced in federal court today to serve 30 months in federal prison followed by three years of supervised release for mortgage fraud, U.S. Attorney John Dowdy announced. He was also ordered to pay restitution of $574,413.99, and the Court entered an order of forfeiture in the form of a money judgment for $3,049,969.12. Persac was a mortgage loan originator who previously pled guilty to wire fraud conspiracy as a result of his role in a scheme to submit false documents to lenders in order to get fraudulent mortgage loans approved.