Feds: Pennsylvania Title Agent Stole Millions To Bet Sports

• Louis Belletieri admitted to stealing millions from escrow accounts meant for real estate closings.
• Prosecutors say he used the funds for personal expenses and extensive sports betting at legal online sportsbooks.

ALLENTOWN, Pa. – A former title agent and business executive in Allentown has pleaded guilty to orchestrating a years-long scheme that misused nearly $9.6 million in client funds for personal expenses, including extensive online sports gambling.

Louis Belletieri, 43, entered a guilty plea on Monday in federal court to two counts of wire fraud. He admitted to funneling escrow funds intended for real estate transactions into personal bank accounts, legal sports betting sites, and credit cards. The fraudulent activity spanned from March 2020 to September 2023, during which Belletieri served as president of Security Settlement Services of Pittsburgh, doing business as Legacy Title.

Prosecutors say Belletieri manipulated his company’s escrow accounts (which are used to temporarily hold funds for home purchases) by transferring over $6.4 million into his personal accounts and more than $2.4 million into Legacy Title’s operating account, much of which was not used for legitimate business purposes.

These funds, sourced from homebuyers, mortgage lenders, and other transaction participants, were meant to cover essential real estate closing costs such as mortgage payoffs and property taxes.

In an attempt to mask the fraud, Belletieri also submitted a falsified application to the Small Business Administration (SBA) during the COVID-19 pandemic, securing $825,000 in Economic Injury Disaster Loan (EIDL) funds. Instead of using the funds for working capital as intended, he diverted large portions for personal use, including gambling at Pennsylvania sportsbooks.

Federal authorities say 15 clients and a title insurance underwriter were directly affected. Some clients sued Belletieri in 2023, alleging $5.6 million in misappropriated funds. That civil case remains pending in Lehigh County.

The case was investigated by the FBI’s Allentown office with assistance from the Lehigh County District Attorney’s Office. U.S. Attorneys John J. Boscia and Rebecca J. Kulik are prosecuting.

Belletieri is scheduled to be sentenced on September 12 and faces up to 40 years in prison. His attorney has stated Belletieri is undergoing treatment for gambling addiction and cooperating with authorities to identify and repay victims.

News tags: Economic Injury Disaster Loan | EIDL | FBI | John J. Boscia | Legacy Title | Lehigh County District Attorney’s Office | Louis Belletieri | Pennsylvania | Rebecca J. Kulik | SBA | Security Settlement Services of Pittsburgh