Georgia Woman Sentenced to 39 Months for $904,650 Wire and Securities Fraud

A 54-year-old Georgia woman was handed a 39-month prison sentence for scamming victims out of nearly $1 million in a brazen wire and securities fraud scheme.

Stephanie Nicole Summers, a resident of Duluth, Georgia, was sentenced to 39 months in prison, followed by three years of supervised release, and ordered to pay $904,650 in restitution by U.S. Senior District Court Judge David Nuffer in Utah.

According to court documents, Summers, acting on behalf of Diversified Trade Company, LLC and Summers Companies, Inc., promised customers she could help obtain financing for their business ventures, but instead, she used the money for personal expenses, including withdrawing it in cash, making transfers to other entities she controlled, and diverting it for unrelated business expenses.

Summers also convinced victims to invest in her companies by promising high returns, misrepresenting her credentials, and lying about how she intended to use investors’ money. She claimed to be a successful international businesswoman with control over 20 entities in the United States, the Bahamas, Canada, Mexico, and Panama, which was a complete fabrication.

U.S. Attorney Trina A. Higgins slammed Summers’ actions, saying, “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.”

The FBI investigated the case, with Assistant United States Attorney Stephen P. Dent and Christopher Burton of the U.S. Attorney’s Office for the District of Utah prosecuting the case.

Summers’ sentence serves as a warning to those who think they can get away with financial scams. “Fraudsters like Summers are expert manipulators motivated by greed,” said Special Agent in Charge Shohini Sinha. “The FBI will investigate those who defraud others for personal gain.”

The case highlights the importance of due diligence when presented with investment opportunities or guaranteed high rates of return. As Special Agent in Charge Sinha noted, “When presented with an investment opportunity or guaranteed a high rate of return, due diligence is key.”

RELATED: Georgia Woman Gets 5+ Years for SD Meth Bust

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