Longmeadow man pleads guilty in $19 million loan fraud scheme
SPRINGFIELD, Mass. (WWLP) – A Longmeadow businessman pleaded guilty in federal court to orchestrating a wide-ranging conspiracy to defraud lenders out of nearly $20 million through fraudulent real estate loan applications.
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Louis R. Masaschi, 59, entered guilty pleas to one count of conspiracy to commit wire fraud, two counts of wire fraud, and one count of aggravated identity theft.
According to the U.S. District Attorney's Office, Masaschi and his wife, Jeanette Norman, who is also charged and awaiting trial, engaged in a scheme that involved falsifying rent rolls and forging lease agreements to fraudulently secure commercial loans for properties they controlled in Springfield and East Longmeadow, as well as Enfield, Conn.
Prosecutors said the fraudulent activity occurred between May 2016 and November 2018 and involved approximately $50 million in loan applications, ultimately resulting in $19.3 million in losses to financial institutions and lenders.
Masaschi and Norman operated through various limited liability companies, including LL Realty Developers, LLC, which owned a portfolio of commercial and residential properties. Authorities alleged that the pair misrepresented the income of these properties by fabricating tenant information and lease agreements to make the building appear more profitable, thereby deceiving lenders into issuing multi-million dollar loans.
Masaschi faces a potential sentence of up to 30 years in prison for each wire fraud charge, up to five years for the conspiracy charge, and a mandatory minimum of two years for the aggravated identity theft charge, which must run consecutively. He also faces significant fines and restitution requirements.
Norman, who has pleaded not guilty, is currently scheduled to stand trial in October 2025 and has a scheduled sentencing date of July 23, 2025.
WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on WWLP.com.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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