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Longmeadow man pleads guilty to $19M loan scheme: identity theft, wire fraud

April 23, 2025 by admin

A Longmeadow man pleaded guilty Tuesday to using fake tenant documents to secure over $19 million in loans for real estate businesses he co-owned with his wife, which he then defaulted on, federal prosecutors said. Louis R. Masaschi, 59, pleaded guilty in federal court in Boston to identity theft, two counts of wire fraud, and … Read more

Wells Fargo sues JPMorgan over troubled $481M real estate loan

March 12, 2025 by admin

Jonathan Stempel | Reuters Wells Fargo WFC.N sued JPMorgan Chase JPM.N on Monday to recover losses for investors in a $481 million commercial real estate loan that was allegedly based on a fraudulently inflated financial metric. The lawsuit pits the fourth-largest U.S. bank against the largest, with Wells Fargo accusing JPMorgan of turning a blind eye during due diligence … Read more

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