Massachusetts Mortgage Company Founder Sent To Jail For Defrauding Ginnie Mae Out Of Millions


Robert Pena, founder and president of Mortgage Security, will serve three years in prison after pleading guilty to one count of conspiracy and six counts of wire fraud. Ginnie Mae was defrauded of nearly $2.5 million by Pena who ran a "shuttered mortgage company based in Falmouth, Massachusetts," according to a HousingWire report.

"According to the U.S. Attorney’s Office for the District of Massachusetts, Pena was sentenced this week to serve 32 months in prison, two years of supervised release, and ordered to pay $2.5 million in restitution to Ginnie Mae," according to the report.

"Pena was charged back in 2016 with diverting funds that should have gone to Ginnie Mae into accounts he controlled. According to court documents, Mortgage Security was contracted with Ginnie Mae to pool eligible mortgages and then sell Ginnie Mae-backed mortgage bonds to investors."

The report revealed that Pena deposited, "high-dollar, loan-payoff checks" in to bank accounts he controlled. He also took mortgage-insurance premiums and escrow funds from his borrowers for his own personal use.

"In all, Pena took approximately $2.5 million from borrowers, which Ginnie Mae then had to pay to investors in those mortgage bonds whose investments the agency guaranteed," according to the report.

To learn more about this case and how much damage Pena did, click on the image above.

#Massachusetts #GinnieMae #RobertPena #Fraud #Sentencing

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