David Saks: Couple Guilty of Stealing from Elderly Victim to Purchase Beach House

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Couple Guilty of Stealing from Elderly Victim to Purchase Beach House

West Virginia Couple Guilty of Stealing from

Elderly Victim to Purchase Beach House

U.S. Attorney’s Office October 17, 2014
  • Northern District of West Virginia (304) 234-0100

WHEELING, WV—A Wetzel County couple was convicted in federal court of stealing nearly $400,000.00 from a 90-year-old victim in order to purchase a vacation home in the Outer Banks, United States Attorney William J. Ihlenfeld, II, announced today.

Following a three day trial,

Timothy Summers, 67,

and

Lea Ann Summers, 52,

of Proctor, West Virginia,

were found guilty of one count of conspiracy to commit mail fraud, four counts of mail fraud, one count of securities fraud, and one count of interstate transportation of stolen property.

Evidence presented at trial showed that the couple collaborated to liquidate a significant portion of the victim’s investment holdings in PPG Industries stock.

In late 2013, Lea Ann Summers called the stock holding company, Computershare, impersonating the victim, and sold 2,175 shares of PPG Industries stock.

Mrs. Summers then arranged for the proceeds of the sale, approximately $397,030.15, to be sent to herself rather than the victim.

Timothy Summers deposited the proceeds and transferred the money into a bank account which he shared only with his wife.

The couple then travelled to North Carolina and purchased a beach house in the Outer Banks for $243,173.61.

The couple faces up to 20 years in prison for each of the five mail fraud counts, up to 20 years in prison for the securities fraud count, and up to 10 years in prison for the interstate transportation of stolen property count. They also face a fine of up to $250,000 for each of the seven counts. Under the Federal Sentencing Guidelines, the actual sentence imposed will be based upon the seriousness of the offenses and the prior criminal history, if any, of the defendants.

Assistant U.S. Attorneys David Perri and Michael Stein prosecuted the case on behalf of the government. The Federal Bureau of Investigation led the investigation. Chief U.S. District Judge John Preston Bailey presided.

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Comment balloon 10 commentsDavid Saks • October 20 2014 01:16PM

Comments

David, It saddens me when people steal from the elderly because they are typically so trusting.

Posted by Sam Miller, Knox County Ohio Real Estate Specialist (RE/MAX Stars Realty) over 5 years ago

David, I hate to hear about such instances, especially in thinking about my own grandparents, whom are from a generation that readily trusted the kindness of others.  I wish the penalty was stiffer for this pair.

Posted by Lee Davenport, Learn With Lee: Real Estate Coaching & Consulting over 5 years ago

Ditto, Sam.

Posted by David Saks ((retired)) over 5 years ago

Me too, Lee. Thanks for the kind note.

Posted by David Saks ((retired)) over 5 years ago

David, thanks for the update on this case.  Like Lee Davenport I worry about the grandparents in my neighborhood.  I just wonder if there is a follow up story to what happened to the lady they stole from, I hope she is okay.

Posted by Anna Hatridge, Missouri Realtor with R Gilliam Real Estate LLC (R Gilliam Real Estate LLC) over 5 years ago

Me too, Anna. Thanks for reviewing the press release.

Posted by David Saks ((retired)) over 5 years ago

     People who prey on the elderly are the worst of the worst.  What a couple of low-lifes.

     BTW, I like your horse!  

Posted by Fred Griffin Tallahassee Real Estate, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) over 5 years ago

Roto Rooter would charge double to flush those two scumbags out of the cesspool, Fred. Thanks for the comment about Tex. I miss him.

Posted by David Saks ((retired)) over 5 years ago

What a sad situation. I will never understand people who think they are getting ahead while not getting it honest. I am glad to hear justice is being served. 

Posted by Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker, RVA Home Team - Winning with Integrity. (RVA Home Team) over 5 years ago

It is very sad, Shannon. many thanks for posting to this FBI press release.

Posted by David Saks ((retired)) over 5 years ago

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