PHILADELPHIA, PA — Louis Belletieri, 43, of Allentown, Pennsylvania, has pleaded guilty to two counts of wire fraud in a wide-ranging financial scheme that involved defrauding a title insurance underwriter and misusing federal COVID-19 relief funds.
According to U.S. Attorney David Metcalf, Belletieri served as president of Security Settlement Services of Pittsburgh, doing business as Legacy Title. In federal court, he admitted to misappropriating approximately $8.9 million in escrow funds meant for real estate transactions—including mortgage payoffs, tax payments, and title insurance.
Between March 2020 and September 2023, Belletieri diverted nearly $6.4 million from Legacy Title’s escrow account into his personal bank accounts. An additional $2.46 million was routed into company operating accounts but used largely for personal and unrelated business purposes, including online sports gambling.
Investigators also discovered that Belletieri fraudulently secured approximately $825,000 in federal Economic Injury Disaster Loan (EIDL) funds during the COVID-19 pandemic. Instead of using the money to stabilize Legacy Title, he spent significant portions on personal expenses.
“Belletieri’s actions represent a significant breach of trust, affecting clients, lenders, and federal relief programs,” said U.S. Attorney Metcalf.
The case was investigated by the FBI’s Allentown Resident Agency and the Lehigh County District Attorney’s Office. Assistant U.S. Attorneys John J. Boscia and Rebecca J. Kulik are prosecuting the case. Sentencing is scheduled for September 12, where Belletieri faces a potential maximum sentence of 40 years in prison.
