A resident of Longmeadow has admitted guilt in a federal court in Springfield, Massachusetts, to participating in a loan fraud scheme involving commercial lenders. Louis R. Masaschi, aged 59, confessed to one count of conspiracy to commit wire fraud, two counts of wire fraud, and one count of aggravated identity theft. Sentencing is set by U.S. District Court Judge Mark G. Mastroianni for July 23, 2025.
Masaschi and his wife, Jeanette Norman, were indicted in April 2023 by a federal grand jury for their alleged involvement in this conspiracy. They are accused of misleading financial institutions by submitting deceptive rent rolls and fabricated lease agreements for properties located in Springfield, East Longmeadow, Massachusetts, and Enfield, Connecticut.
Court documents reveal that Masaschi and Norman, as partners in various limited liability companies such as LL Realty Developers, LLC, owned several commercial and residential properties in Western Massachusetts and Connecticut. Masaschi admitted that between May 2016 and November 2018, he fraudulently secured or attempted to secure roughly $60,123,000 in loans, resulting in a loss of $19,305,473 to the lenders. Masaschi's alleged partner, Norman, has maintained a plea of not guilty, with her trial scheduled for October 2025.
The charge of conspiracy to commit wire fraud carries penalties of up to five years in jail, in addition to three years of supervised release and a fine of either $250,000 or double the gross financial loss or gain. Wire fraud charges can result in a sentence of up to 30 years in prison, the fines can reach $1,000,000 or twice the amount of the gain or loss involved. Sentencing decisions are made by federal district court judges following the U.S. Sentencing Guidelines and pertinent laws.
The United States Attorney Leah B. Foley and Acting Special Agent in Charge James Crowley of the Federal Bureau of Investigation's Boston Division publicized the case. Assistant U.S. Attorney Steven H. Breslow from the Springfield Branch Office is handling prosecution.
The accusations detailed in the charges remain mere allegations for the other defendant, who is considered innocent until proven guilty in a court of law.