SPRINGFIELD, Mass. — A Massachusetts woman has been sentenced to 22 months in federal prison for her role in a commercial loan fraud scheme that caused more than $18.2 million in losses to financial institutions and other lenders, including two credit unions.
Jeannette Norman, 58, of Longmeadow, Mass., was sentenced Sept. 30 by U.S. District Judge Mark G. Mastroianni, who also ordered her to pay $18,203,030 in restitution, according to the U.S. Attorney’s Office for the District of Massachusetts.
Norman was also sentenced to three years of supervised release, including four months of home confinement.
According to federal prosecutors, Norman conspired with her husband, Louis R. Masaschi, and her sister, Christine Gendron, to fraudulently obtain commercial real estate loans by submitting falsified financial information, including fabricated rent rolls and forged lease agreements.
The scheme involved properties in Springfield and East Longmeadow, Mass., and Enfield, Conn.
Federal prosecutors said the defendants fraudulently obtained or attempted to obtain approximately $60.1 million in loans between May 2016 and November 2018, ultimately causing $18.2 million in losses.
Credit Unions Among Victims
Among the financial institutions affected were Freedom Credit Union in Springfield and Workers Credit Union in Littleton, Mass., according to reporting by Erica Swallow, who examined the fraud’s effects on downtown Springfield.
The two credit unions were among numerous commercial lenders that financed properties controlled by Norman and Masaschi.
Federal prosecutors said the couple operated dozens of limited liability companies, including JLL Realty Developers LLC, through which they owned primarily commercial properties, along with some residential real estate, in Massachusetts, Connecticut and elsewhere.
The defendants submitted false financial information to make the properties appear to generate rental income sufficient to support the requested financing.
The fabricated documentation included rent rolls that misrepresented occupancy and rental revenue, as well as forged lease agreements.
After obtaining the financing, Norman and Masaschi defaulted on the loans, causing substantial losses to lenders and leaving buildings vacant, according to prosecutors.
Guilty Pleas and Sentences
Norman pleaded guilty in September 2025 to one count of conspiracy to commit wire fraud and two counts of wire fraud.
Her sentencing followed earlier guilty pleas and prison sentences for her two co-conspirators.
According to the Justice Department:
- Louis R. Masaschi: Norman’s husband pleaded guilty in April 2025 to one count of conspiracy to commit bank fraud and two counts of wire fraud. He was sentenced in July 2026 to four years in federal prison, followed by three years of supervised release. He was also ordered to pay $18,203,030 in restitution.
- Christine Gendron: Norman’s sister pleaded guilty in June 2025 to one count of conspiracy to commit wire fraud. She was sentenced in July 2026 to six months in prison, followed by three years of supervised release, and ordered to pay $392,607 in restitution.
Gendron was a certified public accountant who served as financial manager for the real estate company, according to earlier Justice Department filings.
Fraud Involved Numerous Properties
According to federal investigators, Norman and Masaschi used their network of real estate companies to obtain financing from multiple financial institutions.
The companies owned commercial buildings throughout western Massachusetts and Connecticut.
Prosecutors said the defendants repeatedly provided lenders with materially false information about the financial condition of the properties.
The fraudulent loan applications misrepresented the income being generated by buildings and included leases that had been forged.
The borrowers subsequently failed to repay the loans, leaving lenders with millions of dollars in losses and properties that were vacant.
The investigation was conducted by the FBI’s Boston Division. U.S. Attorney Leah B. Foley and FBI Special Agent in Charge Ted E. Docks announced Norman’s sentencing.
Assistant U.S. Attorneys Steven H. Breslow and Caroline Merck prosecuted the case.
