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Louis R. Masaschi, a 59-year-old Longmeadow man, has been sentenced to four years in prison for his role in a massive commercial loan fraud conspiracy that spanned four years and defrauded lenders out of over $18 million in Massachusetts. Masaschi and his co-conspirator, Jeanette Norman, provided false and fraudulent rent rolls and forged lease agreements for numerous properties located in Springfield, Mass.; East Longmeadow, Mass.; and Enfield, Conn. The scheme, which took place between May 2016 and November 2018, involved Masaschi and Norman conspiring to fraudulently obtain loans for their companies from financial institutions and commercial lenders.
Together, they owned 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. After receiving the loans, Masaschi and Norman defaulted on the loans, causing substantial losses to the financial institutions and commercial lenders, including two community credit unions, and leaving the buildings vacant.
Masaschi pleaded guilty to one count of conspiracy to commit wire fraud; two counts of wire fraud; and one count of aggravated identity theft in April 2025. He was sentenced by U.S. District Court Judge Mark G. Mastroianni and ordered to pay $18,203,030 in restitution. Norman pleaded guilty in September 2025 and is next scheduled to appear in court on August 11, 2026.
The total loss caused by the scheme was $18,203,030, with Masaschi and Norman fraudulently obtaining or seeking to obtain approximately $60,123,000 in loans. The case highlights the severity of commercial loan fraud and the significant consequences for those who engage in such activities.
📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: Massachusetts
- Location: MA
- Source: DOJ Press Release
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