A man from Longmeadow has admitted guilt in a federal case in Springfield, Massachusetts, concerning a plan to defraud commercial lenders. Louis R. Masaschi, 59, pleaded guilty to conspiracy to commit wire fraud, two counts of wire fraud, and one count of aggravated identity theft. Judge Mark G. Mastroianni has scheduled sentencing for July 23, 2025. Masaschi was indicted along with his wife and alleged co-conspirator, Jeanette Norman, in April 2023.
Masaschi and Norman, as partners in multiple limited liability companies, engaged in fraudulent activities to obtain loans. They reportedly submitted false financial information, including forged lease agreements, to lenders for properties in Western Massachusetts, Connecticut, and other locations. Post-approval, they either partially or defaulted on payments, leading to significant financial losses for lenders. Masaschi's plea agreement indicates that between May 2016 and November 2018, he sought or obtained $60,123,000 in loans, resulting in a loss of $19,305,473.
Norman maintains her innocence and her trial is scheduled for October 2025.
Conspiracy to commit wire fraud is punishable by up to five years in prison, three years of supervised release, and a potential fine. Wire fraud charges may lead to up to 30 years in prison and financial penalties. The sentencing will follow the U.S. Sentencing Guidelines.
The announcement was made by U.S. Attorney Leah B. Foley and James Crowley, Acting Special Agent in Charge of the FBI Boston Division. Assistant U.S. Attorney Steven H. Breslow is handling the prosecution. It is emphasized that the allegations in the documents hold until the court proves otherwise.
