The former president of a Pennsylvania title company has pleaded guilty for defrauding a title insurance underwriter, clients and the federal government.
According to the charges brought against him, Louis Belletieri was the president of Allentown-based Security Settlement Services of Pittsburgh, d/b/a Legacy Title. In or about November 2013, Belletieri entered into a contract with a title insurance underwriter that appointed Legacy Title as its agent for the purpose of issuing title insurance commitments, policies, endorsements for Pennsylvania properties.
Legacy Title and Belletieri maintained an escrow account to receive funds in connection with these and other client real estate transactions. The money from customers, mortgage lenders, and others was typically transferred electronically into Legacy Title’s escrow account. However, Belletieri siphoned the funds for personal usage, including online sports betting. From in or about March 2020 through in or about September 2023, Belletieri made electronic transfers of funds from the escrow account to his personal account totaling approximately $6.43 million and from the escrow account to the business operating account totaling approximately $2.46 million, many of which were not for legitimate business purposes.
Belletieri took numerous steps to conceal his fraud upon his clients and the title insurance underwriter, including by submitting a fraudulent application to the Small Business Administration (SBA) on behalf of Legacy Title to fraudulently obtain funds via the Economic Injury Disaster Loans program. Belletieri used significant portions of these proceeds for personal uses, rather than as working capital for Legacy Title, resulting in defrauding the SBA of approximately $825,000.
Belletieri pleaded guilty on two counts of wire fraud. He is scheduled to be sentenced on Sept. 12 and faces a maximum possible sentence of 40 years’ imprisonment.
Why does it still surprise me that these folks think they can conceal their thefts? Have they not learned from the many convicted felons who have been here before them? I guess not.
The Hubris of psychopaths.
I find it interesting that a lot of these “thieves” have an addiction of one kind or another. This one just happens to be gambling. I wish they could be caught sooner for everyone’s sake.