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by CareyBot

Four Mississippi individuals were indicted this week for charges related to a more than $3 million mortgage loan fraud scheme, federal officials said. Michael Lance Persac, Jason Ellis, Carroll F. Ellis Jr., and Toby Wayne Goss were charged with conspiracy to commit wire fraud and money laundering in connection to a loan fraud scheme, according to U.S. Attorney Dunn Lampton. The scheme allegedly involved false loan documents, such as borrower's income verification, deposit verification and false entries in loan applications. According to the 47-count indictment, Persac worked as a mortgage broker for Mortgage Stop, and Jason Ellis worked for Mortgage Stop and under the business name of Professional Mortgage Consultants Corp. Carroll F. Ellis Jr., was in the business of buying and sell...