Longmeadow couple arrested for alleged loan fraud conspiracy

SPRINGFIELD, Mass. (WWLP) – The Department of Justice has charged a Longmeadow couple in an alleged real estate fraud scheme.

Louis R. Masaschi, 57, and his wife Jeanette Norman, 56, were indicted by a federal grand jury in Springfield on one count of conspiracy to committed wire fraud; two counts of wire fraud; and one count of aggravated identity theft. They were arrested on Tuesday and released on conditions following an appearance in federal court in Springfield.

Prosecutors allege that Masaschi and Norman were partners in dozens of limited liability companies owning multiple commercial and residential properties in Springfield, East Longmeadow, and Enfield, Conn. These companies included Longmeadow Hospitality; JLL Realty Developers, LLC; Shaker Rd, LLC; and 79 Enfield Realty, LLC.

It is alleged that in May and June 2018 they obtained loans for their companies from financial institutions and commercial lenders by providing materially false, fictitious and fraudulent financial information – including false rent rolls and fraudulent lease agreements. After receiving the loans, they allegedly made some or no payments and ultimately defaulted on the loans, causing substantial losses to the lenders.

They are next scheduled to appear in U.S. District Court on July 24, 2023.

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