Golf course scheme lands S. Tahoe man in prison
A South Lake Tahoe man is going to prison for 19½ years for bilking 11 investors out of $3.6 million in a fraudulent scheme to buy a Douglas County golf course.
Scott Summerhays
In February 2014, Scott Hummerhays, 56, pleaded guilty to 24 federal charges, including wire fraud and money laundering. On May 18, he was sentenced by U.S. District Judge Larry Hicks in Reno to prison as well as to pay $1.4 million in restitution.
According to court records, between 2008 and 2010, Summerhays represented to potential investors that he was purchasing the Genoa Lakes Golf Club for $17 million and needed a short term loan to complete the deal because his money was tied up in a trust. Summerhays also represented to the potential investors that he solicited funds for oil and gas investments in Texas and owned more than $30 million in Berkshire, Las Vegas Sands and MGM stocks. Summerhays showed some of the investors a fraudulent investment account statement. Summerhays also claimed that he was in partnership with Las Vegas Sands owner Sheldon Adelson, and showed potential investors a partnership agreement containing the forged signature of Adelson.
In reality, Summerhays had no investment portfolio, and Adelson never heard of Summerhays or had any partnerships with him. None of the investors was repaid and they lost all of the money they loaned Summerhays.
— Lake Tahoe News staff report
That’s really sad. It probably wouldn’t have been too hard to find out whether or not he was really going to purchase the golf course. Be careful with your hard-earned money…………..
People should hire an investigator when investing large sums these days first to check title and ownership and find out the facts. Forgeries and lies are far too common now, in this case, Justice has been served and lessons learned the hard way.