A Georgia woman has been sentenced to 39 months in prison after cheating victims out of $904,650 in a wire and securities fraud scheme.
Stephanie Nicole Summers, 54, of Duluth, Georgia, was sentenced by U.S. Senior District Court Judge David Nuffer on February 15, 2024 in St. George, Utah. The sentence also includes three years of supervised release and $904,650 in restitution.
According to court documents, from May 2016 to February 2022, Summers fraudulently obtained $904,650 from over a dozen victims across the United States. She promised customers she could help obtain financing for their business ventures, but instead used the money for personal expenses.
Summers also persuaded victims to invest in her companies, Diversified Trade Company, LLC and Summers Companies, Inc., by promising high returns and misrepresenting her credentials. 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 not true.
“Ms. Summers defrauded Utah citizens and people across the country of nearly $1 million for her own personal benefit,” said U.S. Attorney Trina A. Higgins. “She lied to the victims and abused their trust to take their hard-earned money.”
The case was investigated by the FBI Salt Lake City Field Office and prosecuted by Assistant United States Attorney Stephen P. Dent and Christopher Burton of the U.S. Attorney’s Office for the District of Utah.
Summers’ repeated criminal behavior shows a complete disrespect for the law and the people she victimized. The FBI will continue to investigate and prosecute those who defraud others for personal gain.
Key Facts
- State: Utah
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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