Massachusetts mortgage company founder jailed for defrauding Ginnie Mae out of $2.5 million

Massachusetts mortgage company founder jailed for defrauding Ginnie Mae out of .5 million
The founder and president of a defunct Massachusetts mortgage company will spend nearly three years in prison after admitting to defrauding Ginnie Mae out of approximately $2.5 million. Court documents show that starting in 2011, Mortgage Security founder Robert Pena began diverting money borrowers sent to MSI into private bank accounts, which he then used to pay for personal and business expenses.
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