A former area businessman entered a guilty plea to two counts of wire fraud, “charges arising from his scheme to defraud a title insurance underwriter and clients and his fraudulent application to the Small Business Administration to obtain Economic Injury Disaster Loans” related to the COVID-19 pandemic, authorities said in press release dated June 9.

Louis Angelo Belletieri, 43, is scheduled to be sentenced Sept. 12, according to the news release from the United States Attorney’s Office, Eastern District of Pennsylvania.

Bellietieri “faces a maximum possible sentence of 40 years imprisonment,” according to authorities.

The charges extend from Belletieri’s operation of Legacy Title, a business to provide title and real estate closing services.

According to authorities, Belletieri admitted to using money from an escrow account created for clients’ real estate transactions for his own use.

“Belletieri should have maintained the funds in the escrow account for the purpose of conducting real estate transactions and disbursing funds as appropriate and for the purpose for which they were entrusted, such as to pay off mortgages, pay taxes, obtain title insurance and pay for other expenses in connection with real estate transactions,” according to the news release.

Belletieri, according to authorities, moved money from the escrow account “to his personal bank account, his credit card account and online sports betting platforms” as well as to Legacy Title’s business operating account.

From March 2020 to September 2023, transfers from the escrow account to Belletieri’s personal account totaled approximately $6,434,500. Approximately $2,460,190 was moved from the escrow account to the business operating account for Legacy Title.

“Belletieri took numerous steps to conceal his fraud upon his clients and the title insurance underwriter, including by submitting a fraudulent application to the SBA on behalf of Legacy Title to defraud the SBA and obtain funds via the EIDL program,” the news release continues.

“In connection with this application, the defendant entered into fraudulent loan agreements with the SBA, falsely agreeing that he would use the proceeds of the loan solely as working capital to alleviate economic injury related to the COVID-19 pandemic.”

Belletieri then used what authorities described as “significant portions” of the money for personal use.

“As a result, the defendant caused the SBA to disburse a total of approximately $825,000 due to his fraud,” the news release continues.

At the time of charges from the Lehigh County District Attorney’s office in January 2024, Legacy Title was reportedly located at 2030 W. Tilghman St., Suite 203, Allentown.

Belletieri was described as the sole proprietor and only employee with access to the escrow account.

Belletieri was described by authorities as “the president of Allentown-based Security Settlement Services of Pittsburgh d/b/a Legacy Title.”

“In or about November 2013, the defendant, as Legacy Title’s president, entered into a contract with a title insurance underwriter, in which the underwriter appointed Legacy Title as its agent for the purpose of issuing title insurance commitments, policies, endorsements for Pennsylvania properties,” according to the news release.