Feeding Hills woman pleads guilty in bank fraud conspiracy scheme
BOSTON (WWLP) – A woman from Feeding Hills agreed to plead guilty in connection with an alleged scheme to defraud commercial lenders by giving false and fake rent rolls and forged lease agreements for properties in Springfield, East Longmeadow, and Enfield, Conn.
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The Department of Justice states 59-year-old Christine Gendron of Feeding Hills was a certified public accountant and worked as a Financial Manager got JLL Realty Developers, LLC (JLLRD), which is a limited liability company where her sister, Jeannette Norman, and brother-in-law, Louis R. Masaschi, served as partners.
Masaschi and Norman allegedly were partners in limited liability companies, including JLLRD, where they owned commercial and some residential property in western Massachusetts, Connecticut, and other locations. Allegedly, Gendron conspired with Masachi and Norman to defraud several financial institutions and a commercial lender.
It is alleged that the three provided false, fictitious, and fraudulent financial information, such as fake rent rolls and forged lease agreements, to get loans from their companies. After obtaining the loans, Masaschi, Norman and their companies allegedly made little to no payments and defaulted on the loans, which caused substantial losses to the financial institutions and commercial lenders.
Gendron's plea agreement states that between May 2016 and November 2018, Masaschi, and allegedly Norman, wanted to obtain approximately $60,123,000 in loans and caused a total loss of $19,305,473.
Gendron agreed to plead guilty to an information charging her with one count of conspiracy to commit bank fraud. A plea hearing has not yet been scheduled. Masaschi pleaded guilty to one count of conspiracy to commit wire fraud and two counts of wire fraud in a related case on April 22nd. The charge of conspiracy to commit bank fraud is a sentence of up to 30 years in prison, three years of supervised release, and a fine of up to $1 million or twice the gross gain or loss.
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.
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