Saratoga Man Sentenced For Wire Fraud
Posted on Tuesday, 17 of November , 2009 at 6:31 pm
SARATOGA SPRINGS—A Saratoga man has been sentenced to more than 15 ½ years in federal prison following trial for wire fraud.
Ronald Persaud, 58, was found guilty after trial of conspiracy to commit wire fraud, 12 counts of substantive wire fraud, two counts of mail fraud and conspiracy to launder monetary instruments.
Persaud’s sentence also included a period of supervised release, and payment of restitution totaling more than $2 million. He was also ordered to forfeit all fraud and money laundering proceeds.
In substance, the evidence at trial showed that defendants Ronald and Esther Persaud perpetrated a wire fraud conspiracy by enticing investors to pay advance fees on the false promise that the investors would receive millions of dollars in commercial funding.
Prosecutors said the investors made advance fee payments in excess of $1 million and received no commercial funding. Ronald Persaud purported to be the person with banking connections, Esther Persaud purported to be a bank executive.
The evidence at trial indicated that Ronald, Esther and Shawn Persuad then conspired to conduct a series of financial transactions calculated to conceal and disguise the source, ownership and control of the advance fees paid to the Persauds and others.
Esther Persaud was previously sentenced to a period of imprisonment for 63 months; Shawn Persaud was previously sentenced to 18 months imprisonment. They were also sentenced to a period of supervised release, and are required to pay restitution and forfeit crime proceeds. 11-17-09
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