A Longmeadow man has pleaded guilty in federal court in Springfield, Mass., to a scheme to defraud commercial lenders by providing false and fraudulent rent rolls and forged lease agreements for properties located in Springfield, Mass., East Longmeadow, Mass., and Enfield, Conn.
Louis R. Masaschi, 59, pleaded guilty to one count of conspiracy to commit wire fraud, two counts of wire fraud, and one count of aggravated identity theft. U.S. District Court Judge Mark G. Mastroianni scheduled sentencing for July 23, 2025.
In April 2023, Masaschi was indicted by a federal grand jury along with his wife and alleged co-conspirator Jeanette Norman.
According to court documents, Masaschi and Norman were partners in dozens of limited liability companies, including LL Realty Developers, LLC, through which they owned primarily commercial and some residential property in Western Massachusetts, Connecticut and elsewhere.
Masaschi, and allegedly Norman, conspired with each other and others to fraudulently obtain loans for their companies from financial institutions and commercial lenders by providing materially false, fictitious and fraudulent financial information, including false rent rolls and forged lease agreements.
After receiving the loans, Masaschi and, allegedly, Norman, made some or no payments and ultimately defaulted on the loans, causing substantial losses to the financial institutions and commercial lenders.
According to Masaschi’s plea agreement, between May 2016 and November 2018, Masaschi fraudulently obtained or sought to obtain approximately $60,123,000 in loans and caused a total loss of $19,305,473.
Jeanette Norman has pleaded not guilty and is pending trial in October 2025.
The charge of conspiracy to commit wire fraud provides for a sentence of up to five years in prison, three years of supervised release and a fine of up to $250,000 or twice the gross gain or loss.
The wire fraud charges each provide for a sentence of up to 30 years in prison, three years of supervised release and a fine of up to $1,000,000 or twice the gross gain or loss.
