The former owner of a defunct mortgage servicer has admitted that he stole money from payments made by borrowers.
Robert Pena was the owner and president of Mortgage Security Inc. The company was based in Falmouth, Massachusetts.
Pena is accused by the Department of Justice of diverting loan payments from securitized Ginnie Mae mortgages in 2011.
An announcement Thursday from the
U.S. Attorney’s Office for the District of Massachusetts said, “Specifically, Pena deposited high-dollar, loan-payoff checks into bank accounts unknown to Ginnie Mae and then used those funds for personal and business expenses.”
In addition, the government claims he diverted borrowers’ escrow funds and mortgage-insurance premiums for his own use.
In all, roughly $2.5 million was allegedly stolen — though the original estimate was closer to $3 million..
The Justice Department’s latest announcement said that Pena, 68, pleaded guilty on Wednesday to six counts of wire fraud.
Pena is scheduled for sentencing on Jan. 5, 2018, before
Senior District Court Judge Mark L. Wolf.
He faces up to 20 years in prison for his crimes.
