A Massachusetts certified public accountant has pleaded guilty in a $19 million bank fraud scheme involving fraudulent loan documents. According to a press release from the U.S. Department of Justice, Christine Gendron, 61, of Feeding Hills, Massachusetts, entered a guilty plea on Friday last week to one count of conspiracy to commit bank fraud.
Gendron served as the Financial Manager for JLL Realty Developers, LLC. Authorities say she worked with her brother-in-law, Louis R. Masaschi, to submit false financial information to commercial lenders. The documentation included fake rent rolls and altered lease agreements used to obtain loans for properties. Masaschi has also pleaded guilty. Gendron’s sister, Jeanette Norman, has pleaded not guilty and is awaiting trial.
The scheme resulted in significant losses to financial institutions. U.S. District Court Judge Mark G. Mastroianni has scheduled sentencing for Gendron on September 30 and for Masaschi on July 23. The investigation was led by the FBI’s Boston Division and the U.S. Attorney’s Office. Assistant U.S. Attorney Steven H. Breslow is prosecuting the case.
Conspiracy to commit bank fraud carries a maximum sentence of 30 years in prison, up to five years of supervised release, and fines up to $1 million or twice the gain or loss from the offense. Norman is presumed innocent unless proven guilty in court.
