Mortgage Security Inc.

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

Apr 24, 2019By

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.