SPRINGFIELD, Mass. (WWLP) — A Longmeadow woman has pleaded guilty in federal court to her role in a multi-million dollar loan fraud scheme involving forged lease agreements and falsified rent rolls.
Jeannette Norman, 57, appeared in Springfield federal court and admitted to participating in a scheme that defrauded lenders out of millions through fraudulent commercial loan applications.
According to federal charging documents, Norman and her husband, Louis Masaschi, operated multiple limited liability companies — including JLL Realty Developers, LLC (JLLRD) — with Christine Gendron, Norman’s sister, serving as financial manager.
Between May 2016 and 2019, the trio conspired to obtain loans by submitting false financial information to banks and commercial lenders. This included:
Forged lease agreements
Fictitious rent rolls
Inflated occupancy numbers
The fraudulent applications targeted properties in Springfield, East Longmeadow, and Enfield, Connecticut.
Once the loans were secured, the companies allegedly made minimal or no repayments, resulting in defaults and massive financial losses to lenders.
Scope of the Fraud:
Total loan amount involved: $62,232,000
Documented losses to lenders: $20,099,295
In May 2025, Norman and Masaschi were indicted by a federal grand jury. In a related case, Gendron pleaded guilty in June to one count of conspiracy to commit wire fraud.
Last Friday, Norman pleaded guilty to:
One count of conspiracy to commit wire fraud
Two counts of wire fraud
She is scheduled to be sentenced on January 22, 2026, and faces:
Up to 30 years in federal prison
A fine of up to $1 million, or twice the gross gain or loss
