Louis R. Masaschi, a 59-year-old resident of Longmeadow, Massachusetts, pleaded guilty to charges of identity theft, wire fraud, and conspiracy to commit wire fraud. His scheme involved obtaining over $19 million in loans using falsified tenant documents for real estate businesses he co-owned with his wife.
Between May 2016 and November 2018, Masaschi submitted forged rent rolls and lease agreements to secure loans for numerous real estate companies in Springfield, Longmeadow, and Enfield, Connecticut. He sought approximately $60.1 million in financing and caused losses of around $19.3 million by defaulting on the loans.
Masaschi faces a maximum sentence of up to 30 years in federal prison and a potential $1 million fine. His sentencing is scheduled for July 23. His wife, Jeanette Norman, is also implicated and has pleaded not guilty.
A Longmeadow man pleaded guilty Tuesday to using fake tenant documents to secure over $19 million in loans for real estate businesses he co-owned with his wife, which he then defaulted on, federal prosecutors said.
Louis R. Masaschi, 59, pleaded guilty in federal court in Boston to identity theft, two counts of wire fraud, and conspiracy to commit wire fraud, according to a statement from U.S. Attorney Leah B. Foley’s office.
He faces up to five years in federal prison for the conspiracy count and up to 30 years for each wire-fraud count, the statement said. He also could be fined up to $1 million, or twice the total of any gains or losses tied to his crimes.
He is scheduled to be sentenced on July 23, the statement said.
According to the statement, between May 2016 and November 2018, Masaschi used forged rent rolls and lease agreements to obtain loans for the dozens of real estate companies he co-owned with his wife, Jeanette Norman. Those companies held multiple office buildings and some apartments in Springfield, Longmeadow, and Enfield, Conn.
He then made little to no payments and ultimately defaulted on the loans. In all, he sought about $60.1 million in financing and caused about $19.3 million in losses, the statement said.
Norman, Masaschi’s wife, is alleged to have conspired in the scheme, according to the statement. The couple was indicted in April 2023; Norman has pleaded not guilty and is scheduled for trial in October 2025.
Rita Chandler can be reached at rita.chandler@globe.com.
Skip the extension — just come straight here.
We’ve built a fast, permanent tool you can bookmark and use anytime.
Go To Paywall Unblock Tool