Saratoga man sentenced to 15 years in $2 million fraud scheme

ALBANY -- A Saratoga man has been sentenced to over 15 years in prison for concocting a wire fraud conspiracy that defrauded his victims of over $1 million, federal prosecutors said.

Ronald Persaud, 58, received his sentence of 188 months in federal court in Albany Monday. He was also ordered to pay back his victims, and to forfeit all fraud and money laundering proceeds, said US attorney Andrew Baxter.

Posing as someone with high-level banking connections, Persaud and wife Esther Persaud persuaded investors to make payments totaling more than $1 million to develop large-scale projects like ski resorts and theme parks. 

After accepting commissions, they never came through with the money.

The two, along with son Shawn Persaud, then conspired to hide the source and the destination of the money, said Baxter.

Ronald Persaud was convicted of conspiracy to commit wire fraud, 12 counts of substantive wire fraud, and conspiracy to launder monetary instruments.

For their roles, Esther Persaud was previously sentenced to 63 months in prison; Shawn Persaud was previously sentenced to 18 months in prison for money laundering conspiracy.