A Massachusetts woman, Christine Gendron, has entered a guilty plea in a significant bank fraud conspiracy case. Documents provided by the U.S. Attorney's Office outline the scheme where Gendron, a certified public accountant from Feeding Hills, along with her sister, Jeannette Norman, and brother-in-law, Louis R. Masaschi, engaged in fraudulent activities involving commercial lenders and properties located in Massachusetts and Connecticut.
The conspiracy involved producing falsified rent rolls and lease agreements to secure loans. On Tuesday, Masaschi admitted to one count of conspiracy to commit wire fraud and two counts of wire fraud, with his sentencing set for July 23, Norman's involvement remains alleged. Gendron's role as the financial manager for JLL Realty Developers, LLC, has positioned her at the center of the accusations, alongside Masaschi, and allegedly Norman who operated numerous companies under the property-owning enterprise.
Details from the plea agreement indicate that between May 2016 and November 2018, the trio fraudulently sought approximately $60 million in loans leading to a loss of over $19 million to the involved financial institutions and lenders. The charge against Gendron carries a substantial potential sentence, including up to 30 years in prison, supervised release of up to three years, and either a $1 million fine or double the gross gain or loss resulted from the criminal actions.
United States Attorney Leah B. Foley, and Acting Special Agent in Charge of the FBI's Boston Division, James Crowley, announced the developments in the case. They were assisted by Assistant U.S. Attorney Steven H. Breslow of the Springfield Branch Office in prosecuting the case. While the accusations are severe, the charging documents remind the public that the defendants are presumed innocent unless, and until proven guilty beyond a reasonable doubt in a court of law.
