Latest news with #Masaschi
Yahoo
24-04-2025
- Yahoo
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. Boston woman arrested for trafficking underage girl 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 Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
22-04-2025
- Business
- Yahoo
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. Two women arrested after shoplifting at Hadley JC Penny 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 Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
