A Massachusetts-based certified public accountant (CPA) pleaded guilty in federal court to defrauding commercial lenders by providing false and fraudulent rent rolls and forged lease agreements for multiple properties.
According to the charges brought against her, Christine Gendron was a financial manager for JLL Realty Developers LLC (JLLRD), a limited liability company for which her sister, Jeanette Norman, and brother-in-law, Louis R. Masaschi, served as partners. Masaschi and, allegedly Norman, were partners in dozens of limited liability companies through which they owned primarily commercial and some residential property in Western Massachusetts, Connecticut and elsewhere.
Gendron conspired with Masaschi, and allegedly Norman, to defraud various financial institutions and a commercial lender by providing fraudulent financial information, including false rent rolls and forged lease agreements, to obtain loans for their companies. After receiving the loans, Masaschi, and allegedly Norman and their companies made some or no payments and ultimately defaulted on the loans, causing substantial losses to the financial institutions and commercial lenders totaling more than $19 million.
Norman has pleaded not guilty and is pending trial scheduled for October, while Masaschi pleaded guilty to one count of conspiracy to commit wire fraud and two counts of wire fraud and is scheduled for sentencing on July 23.
Gendron pleaded guilty to one count of conspiracy to commit bank fraud, which could lead to a sentence of up to 30 years in prison, five years of supervised release and a fine of up to $1 million or twice the gross gain or loss. Her sentencing is scheduled for Sept. 30.
