Palm Harbor Mortgage Broker Ordered to Pay $1.4 Million Restitution

A woman associated with a defunct Palm Harbor-based mortgage business has been ordered to pay almost $1.5 million in restitution to her victims as part of a plea deal she made with federal prosecutors in Colorado.

Ann Elizabeth Ursiny, 49, pleaded guilty to one count of wire fraud and one count of mail fraud. She is serving a 71-month sentence at Coleman Federal Correctional Complex, which is south of Ocala.

Florida Department of State Division of Corporation records list Ursiny as an officer for the defunct "Trace Financial Resources Corp", which operated out of a rented suite in the same building as Peggy O'Neill's, which is located at 1026 Florida Ave. in Old Downtown Palm Harbor. 

According to federal documents obtained by Palm Harbor Patch, in 2004, Ursiny promised to obtain a loan for Gloria Sanders, a caterer in Colorado and her husband John. The couple wanted to buy a church in Westminster, Colorado for $1,650,000 and convert it to an event center. 

Ursiny suggested the couple apply for a loan in the amount of $2,375,000 to cover the purchase and renovation of the church property. After the couple gave personal and financial information to Ursiny, she told them they were approved for the loan, according to the documents.

"Although Ursiny represented that the loan proceeds had been set aside, the Sanders never received the money. They did, however, make payments to Ursiny totaling more than $1,400,000 in response to Ursiny's requests and her false and fraudulent pretenses, representations and promises," said the federal court document.

The 35-page document details how the crimes unfolded and Ursiny's ultimate confession to investigators in 2011.

Ursiny was originally charged with 29 counts of wire and mail fraud, but the other counts were dropped as part of the plea deal.

Palm Harbor Patch obtained the letter that Ursiny wrote to the federal judge seeking a plea deal.  

"I never intended for them to lose a penny. I made a very bad mistake in doing what I have done, and can only ask that you please consider my past.

I am so very sorry that they have been hurt so badly by this and wish that I could take everything back that I have done. I have been a very honest professional my entire life and am in no way trying to minimize my actions in any shape or form," wrote Ursiny.