Georgia Woman Sentenced to 39 Months’ Imprisonment for Wire and Securities Fraud After Cheating Victims Out of $904,650

St. George, Utah – Stephanie Nicole Summers, 54, of Duluth, Georgia, was sentenced today to over three years’ imprisonment, three years’ supervised release and ordered by the court to pay $904,650 in restitution. The sentence, imposed by U.S. Senior District Court Judge David Nuffer, comes after Summers admitted to scamming victims in Southern Utah and across the United States. 

According to court documents and statements made at the change of plea hearing, from May 2016 to February 2022, Summers fraudulently obtained $904,650 from over a dozen victims. Summers, acting on behalf of Diversified Trade Company, LLC and Summers Companies, Inc., along with other entities, promised 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 diverted 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. Summers told victims her business, Summers Companies, Inc., successfully managed businesses in various industries, including real estate, hospitality, mining, oil and gas, technology, and mortgage finance. Summers also fraudulently claimed she could help secure financing for victims’ business ventures and represented she would use the victims’ money on their business ventures, when she did not. Summers told victims their investments were secure and were earning returns, when in fact they were not. In 2016, Summers defrauded victims in Southern Utah by falsely representing that she was an experienced and successful business owner who could secure millions of dollars in financing for their business adventure. 

“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.” 

“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. We also remind the public that when presented with an investment opportunity or guaranteed a high rate of return, due diligence is key.”

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.