Staff reports
masslive.com
(TNS)
SPRINGFIELD — A former accountant has been sentenced to six months in federal prison for her role in a $19 million fraud scheme that involved properties in the area.
Christine Gendron, 61, was sentenced on Thursday and ordered to pay $392,607 in restitution, according to a statement from the U.S. Attorney’s Office for the District of Massachusetts. After Gendron‘s release from prison she will spend six months in home confinement.
Prosecutors say Gendron worked on the finances at JLL Realty Developers with her sister Jeanette Norman and brother-in-law Louis Masaschi. The company held property in Western Massachusetts and Connecticut.
From mid-2016 to late 2018, the company gave banks false information and forged documents to lenders when obtaining loans, according to prosecutors. They made little to no payments on the loans, later defaulting and causing $18.2 million in losses, the U.S. Attorney’s Office statement said.
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A Springfield credit union lent them $6.25 million and lost $5.3 million, according to court documents.
Earlier this month, Masaschi was sentenced to four years in prison with three additional years of supervised release. He is also ordered to pay $18.2 million in restitution. Norman has pleaded guilty to several wire fraud charges and will be sentenced in August.
Norman is a former vice president with Goldman Sachs, and Masaschi owned restaurants including now-closed Meetinghouse.
Photo credit: rawpixel.com/Freepik
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Tags: accountant, Accounting, fraud, prison sentences, wire fraud
