Fraud Scheme Involving Enfield Properties

ENFIELD, CT — A Longmeadow, Massachusetts, real estate developer has been sentenced to four years in federal prison for a commercial loan-fraud scheme involving Enfield properties that cost lenders more than $18 million, authorities said.

Louis R. Masaschi, 59, was sentenced July 22 in federal court in Springfield, Massachusetts. U.S. District Judge Mark G. Mastroianni also ordered Masaschi to serve three years of supervised release and pay $18,203,030 in restitution, according to the U.S. Attorney's Office for the District of Massachusetts.

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Masaschi pleaded guilty in April 2025 to conspiracy to commit wire fraud, two counts of wire fraud and aggravated identity theft.

Federal prosecutors said Masaschi and his wife, Jeanette Norman, were partners in dozens of limited liability companies that owned primarily commercial properties in Massachusetts, Connecticut and elsewhere. The pair used false rent rolls and forged lease agreements to obtain loans from banks and commercial lenders, prosecutors said.

Between May 2016 and November 2018, Masaschi and Norman fraudulently obtained or sought approximately $60,123,000 in loans, resulting in $18,203,030 in losses after they defaulted, authorities said. Prosecutors said some buildings were left vacant.

The Enfield connection included 79 Enfield Realty LLC. A 2023 federal indictment alleged that Masaschi and Norman obtained an $875,000 loan in June 2018 for the company, secured by Masaschi's full ownership interest. The indictment alleged the loan was used to pay off a separate loan that was nearing maturity and that, beyond six months of interest reserves, no payments were made.

Norman pleaded guilty to conspiracy to commit bank fraud and is scheduled to be sentenced Aug. 11, according to prosecutors.

Former certified public accountant Christine Gendron, Norman's sister, was sentenced July 31 to one year of confinement — six months in federal prison and six months of home confinement with GPS monitoring — after pleading guilty to bank fraud conspiracy in the same scheme. She was ordered to pay $392,607 in restitution, according to the U.S. Attorney's Office.

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