David Saks: West Virginia Couple Sentenced - Defrauded Elderly to Purchase House

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

West Virginia Couple Sentenced - Defrauded Elderly to Purchase House

West Virginia Couple Sentenced for Defrauding

Elderly Victim to Purchase Beach House

U.S. Attorney’s Office February 25, 2015
  • Southern District of West Virginia (304) 345-2200

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

In October 2014, a jury found

Timothy Summers,

67, and

Lea Ann Summers,

52, of Proctor, West Virginia, guilty of one count of “Conspiracy to Commit Mail Fraud” and one count of “Securities Fraud.” The jury further found Lea Ann Summers guilty of four counts of “Mail Fraud.” The jury further found Timothy Summers guilty of one count of “Interstate Transportation of Stolen Property.”

Timothy and Lea Ann Summers were each sentenced today to

24 months in prison.

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.

As part of today’s sentence, the couple was also ordered to pay restitution in the amount of $397,030.15.

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.

This content has been reproduced from its original source.
 



David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 8 commentsDavid Saks • February 26 2015 01:03PM

Comments

Glad to read that these two were caught and prosecuted, David.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 5 years ago

Sad case, Gabe Sanders 

Have a great weekend.

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

Hi David,

The elderly are so easy to pray-on, I'm glad these two were caught and sentenced and have to pay restitution to the victim. 

Posted by Adrian Willanger, Profit from my two decades of experience (206 909-7536 AdrianWillanger-broker.com) almost 5 years ago

Ditto Adrian Willanger 

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

Hi David -- very sad case.  Although they must pay restitution, I'm sure the victim's life is forever changed.   

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 almost 5 years ago

I agree Michael Jacobs 

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

Hi David,

Such a crime to take advantage of the elderly, as in Florida this is common..

 

Posted by Monique Combs, Royal Shell Real Estate - Monique Combs (Royal Shell Real Estate ) almost 5 years ago

It's common throughout the nation, Monique Hailer & Todd Combs, PA , sadly. Thanks.

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

This blog does not allow anonymous comments