ALLENTOWN, Pa. — An Allentown man is facing more charges of failing to properly disburse funds totaling more than $800,000 that he received during real estate sales on behalf of sellers he represented.
Louis Belletieri, 42, was charged in October, accused of pocketing huge sums after his insurance title company sold three properties.
Lehigh County District Attorney Gavin P. Holihan announced Thursday that Belletieri, the sole employee of Legacy Title, 2030 W. Tilghman St., Allentown, has been charged with an additional eight counts of corrupt organizations — each a felony of the first degree.
In addition, he was charged with 10 counts of failure to make required disposition of funds (those include seven felony counts and three misdemeanor counts); and nine counts of receiving stolen property (those include six felony and three misdemeanor counts).
Belletieri surrendered to authorities Thursday morning and was arraigned on the newest charges, according to Holihan. His total bail on all counts was set at $260,000, with 10% required for his release, Holihan said.
According to Holihan, the victims, who all used Belletieri as the title agent during real estate transactions, include:
- A couple who reported that Belletieri diverted $264,836.25 from the sale of their home. As part of his obligation as title agent representing the victims in the sale, Belletieri was required to disburse $264,836.25 to satisfy a mortgage on the property and failed to do so, authorities said.
- A victim reported that Belletieri failed to disburse $2,859.64 and $3,024.53 from the sale of two homes to satisfy the real estate, school and county taxes owed from the home sales.
- A victim reported that Belletieri failed to disburse $710.53 and $1,154.59 from the sale of two homes to satisfy the real estate, school and county taxes owed from the home sales.
- A victim reported that Belletieri diverted $88,784.87 from the sale of a house. As part of his obligation as title agent representing the victim in the sale, Belletieri was required to disburse $88,784.87 to satisfy a mortgage on the property and failed to do so, authorities said.
- Two victims reported that Belletieri diverted $226,195.47 from the sale of their house. As part of his obligation as title agent representing the victims in the sale, Belletieri was required to disburse $226,195.47 to satisfy a mortgage on the property and didn't do so, Holihan said.
- ·A victim reported that Belletieri diverted $156,670.93 from the sale of a house. As part of his obligation as title agent representing the victim in the sale, Belletieri was required to disburse $156,670.93 to satisfy a mortgage on the property but didn't, according to Holihan.
- Two victims reported that Belletieri failed to disburse $1,651.27 after the sale of their home to satisfy the school tax owed from the home sale.
- A victim reported that Belletieri failed to disburse $85,543.19 after the sale of his home.
In October, authorities alleged Belletieri stole more than $1.26 million from three real estate sales.
Former Lehigh County District Attorney Jim Martin, at that time asked anyone who worked with Belletieri or the company to contact the DA's office.
