United States Attorney David Metcalf announced that Louis Belletieri, 43, of Allentown, Pennsylvania, has pleaded guilty to two counts of wire fraud. The charges relate to a scheme to defraud a title insurance underwriter and clients, as well as submitting a fraudulent application for Economic Injury Disaster Loans (EIDL) through the Small Business Administration (SBA).
In May, Belletieri was formally charged with these offenses. According to court documents, he was the president of Security Settlement Services of Pittsburgh d/b/a Legacy Title. This company purportedly offered title and real estate closing services.
In November 2013, Legacy Title entered into an agreement with a title insurance underwriter to issue commitments and policies for properties in Pennsylvania. An escrow account was maintained by Legacy Title and Belletieri to manage funds related to real estate transactions.
Instead of using the escrow funds appropriately for transactions such as paying off mortgages or taxes, Belletieri admitted to using the money for personal purposes including online sports betting. He made numerous electronic transfers from the escrow account to his personal accounts and business operating account from March 2020 through September 2023. These transfers totaled approximately $6,434,500 and $2,460,190 respectively.
To hide his fraudulent activities from clients and the title insurance underwriter, Belletieri submitted a false SBA loan application under Legacy Title’s name. He fraudulently obtained approximately $825,000 through EIDL funding meant for working capital during the Covid-19 pandemic but used it for personal expenses.
Belletieri is set for sentencing on September 12 and could face up to 40 years in prison. The investigation was carried out by FBI Philadelphia’s Allentown Resident Agency with help from the Lehigh County District Attorney’s Office. Assistant United States Attorneys John J. Boscia and Rebecca J. Kulik are prosecuting the case.
