Falmouth Businessman Stole $3M in Mortgage Scheme: Feds

FALMOUTH, MA — The founder of a now-defunct Falmouth mortgage company was recently indicted on charges he stole nearly $3 million from a government mortgage group. Robert Pena, 67, was charged with conspiracy and wire fraud in U.S. District Court in Boston. He faces up to 20 years in prison for each charge.

Pena, who ran Mortgage Security, Inc. out of Falmouth, stole the money from the Government National Mortgage Association (Ginnie Mae), according to U.S. Attorney Carmen Ortiz. Ginnie Mae is run by the government and seeks to create more affordable housing by injecting capital into the housing market.

"Beginning in 2011, Pena began diverting money that borrowers were sending to (his mortgage company," Ortiz said in a statement. "Specifically, he is alleged to have deposited large-dollar, loan-payoff checks into secret accounts unknown to Ginnie Mae and then using those funds for his own personal and business uses.

"Pena also diverted borrowers’ escrow funds and mortgage-insurance premiums for his own use. In total, Pena took nearly $3 million, which Ginnie Mae then had to pay the investors whose investments it had guaranteed. Pena also attempted to cover up his scheme by providing false reports to Ginnie Mae about the status of the loans MSI was servicing."

Photo: Robert Pena. (Credit: Falmouth police)