Pennsylvania Man Fueled Multimillion-Dollar Sports Betting Habit by Defrauding Title Insurance Underwriter
Posted on: June 11, 2025, 12:48h.
Last updated on: June 11, 2025, 02:40h.
- A Pennsylvania man has admitted to stealing money to fund his gambling addiction
- Federal prosecutors say Louis Belletieri pleaded guilty to two counts of wire fraud
- Belletieri stole millions of dollars from a title insurance underwriter
A Pennsylvania man has pleaded guilty to defrauding a title insurance underwriter and his clients to fund his sports betting habit that led to millions of dollars in losses.
The United States Attorney’s Office for the Eastern District of Pennsylvania says Louis Belletieri, 43, entered a guilty plea this week on two counts of wire fraud. Federal prosecutors say Belletieri schemed and defrauded a title insurance underwriter and clients of his Allentown-based Legacy Title business to fund his online sports betting addiction.
The Department of Justice details that in November 2013, Belletieri’s Legacy Title entered into a contract with Fidelity National Title Insurance that appointed his firm as an agent for issuing title insurance commitments, policies, and endorsements for properties in Pennsylvania. Legacy Title maintained an escrow account that received deposits from Fidelity mortgage borrowers.
Defendant 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, pay for title insurance, and pay for other expenses in connection with real estate transactions. In actuality, defendant Louis Belletieri used the money in the escrow account for personal reasons, including, among other things, to place online sports bets,” the federal complaint against Belletieri alleged.
From March 2020 through September 2023, federal officials believe Belletieri swindled more than $6.4 million from the escrow account to his personal accounts. During the same time, Belletieri was accused of additionally directing almost $2.5 million from the Fidelity escrow account to his Legacy Title account, some of which wasn’t for legitimate business purposes.
Decades in Prison Possible
The criminal case against Belletieri began after more than a dozen homeowners and mortgage borrowers came forward to Lehigh County District Attorney Gavin Holihan with complaints that their escrow money wasn’t being dispersed. Holihan, who initially sought and filed charges against Belletieri, dropped his case after federal prosecutors got involved.
Federal officials say Belletieri additionally took out a fraudulent Coronavirus Aid, Relief, and Economic Security (CARES) Act loan for $825K. The complaint details that Belletieri took numerous actions to try to conceal and disguise his fraudulent scheme, including falsifying records and using newly stolen money to pay off older debts.
Belletieri faces up to 40 years in prison. He’s due in court September 12 for sentencing.
Belletieri Takes Responsibility
Belletieri’s attorneys previously said their client is undergoing treatment for gambling addiction and is taking full responsibility for his actions.
Belletieri makes no excuses for his actions but is unfortunately one of the tens of millions of Americans that suffer from addiction, which was at the root of his actions,” said defense attorney Joshua Karoly.
Louis’ father, Louie Belletieri, who owned Louie’s Italian Restaurant, an Allentown institution, in 2022 pleaded guilty to failing to pay $89K in sales taxes from the business to the state. He was sentenced to two years’ probation and ordered to pay restitution. Louie Belletieri died in February 2023 from Hodgkin’s lymphoma.
Last Comments ( 1 )
Isn’t it nice that these online bookmakers will let you lose millions with no questions asked and if you show a bit of success they will limit your betting. Their slogans should read Losers wanted!