PHILADELPHIA, PA — Louis Belletieri, 43, of Allentown, Pennsylvania, pleaded guilty on Monday to two counts of wire fraud for defrauding a title insurance underwriter and clients, as well as misusing federal aid through fraudulent Economic Injury Disaster Loan (EIDL) applications, according to U.S. Attorney David Metcalf.
Belletieri, the president of Security Settlement Services of Pittsburgh, doing business as Legacy Title, admitted in federal court to misusing approximately $8.9 million in escrow funds entrusted to the company for real estate transactions. These funds, which should have been allocated to pay off mortgages, taxes, and title insurance expenses, were instead diverted for personal uses, including online sports gambling.
From March 2020 to September 2023, Belletieri transferred nearly $6.4 million from Legacy Title’s escrow account into his personal accounts and $2.46 million into business operating accounts, frequently using these funds for non-business purposes.
Authorities also revealed that Belletieri secured approximately $825,000 in federal EIDL funds through fraudulent means during the COVID-19 pandemic. Although the funds were intended to relieve economic hardships for Legacy Title, prosecutors stated that Belletieri used substantial portions for personal expenses.
“Belletieri’s actions represent a significant breach of trust, affecting clients, lenders, and federal relief programs,” said U.S. Attorney Metcalf.
The case, investigated by the FBI’s Allentown Resident Agency and the Lehigh County District Attorney’s Office, is being prosecuted by Assistant U.S. Attorneys John J. Boscia and Rebecca J. Kulik. Belletieri, who was charged by information in May, faces up to 40 years in prison at his sentencing scheduled for September 12.
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