Georgia Woman Sentenced to 3 Years for $904,650 Wire and Securities Scam

St. George, Utah – Stephanie Nicole Summers, 54, of Duluth, Georgia, was sentenced to 39 months’ imprisonment, three years’ supervised release and ordered to pay $904,650 in restitution for her role in a wire and securities fraud scheme that cheated victims out of nearly $1 million.

According to court documents, from May 2016 to February 2022, Summers fraudulently obtained $904,650 from over a dozen victims. The scam operated under the guise of Diversified Trade Company, LLC and Summers Companies, Inc., with Summers promising customers she could help obtain financing for their business ventures, when in fact she could not.

Summers instructed victims to send money to bank accounts she controlled and then spent the money on personal expenses by withdrawing it in cash, making transfers to other entities she controlled, and diverting it for other unrelated business expenses. Summers did not use the victims’ money for agreed-upon purposes.

Summers also persuaded victims to invest in her companies by promising high returns, misrepresenting her credentials and how she intended to use investors’ money. For example, Summers claimed she was a successful international businesswoman who controlled over 20 entities in the United States, the Bahamas, Canada, Mexico, and Panama, which she did not.

“Ms. Summers defrauded Utah citizens and people across the country of nearly $1 million for her own personal benefit. She lied to the victims and abused their trust to take their hard-earned money,” said U.S. Attorney Trina A. Higgins of the District of Utah. “Summers repeated criminal behavior shows a complete disrespect for the law and the people she victimized. My office will continue to prosecute these types of crimes to seek justice for victims and to protect Utah citizens from future financial fraud.”

The case was investigated by the FBI Salt Lake City Field Office. Assistant United States Attorney Stephen P. Dent and Christopher Burton of the U.S. Attorney’s Office for the District of Utah prosecuted the case.

The FBI warned that fraudsters like Summers are expert manipulators motivated by greed and reminded the public that when presented with an investment opportunity or guaranteed a high rate of return, due diligence is key.