Scott Summerhays faces up to 30 years in prison after pleading guilty to 24 federal charges in connection with a fraudulent scheme that coaxed $3.6 million out of 11 investors. Prosecutors say Summerhays told potential investors that he was purchasing the Genoa, Nev., property for $17 million, and used fake documents that suggested he was a partner with Las Vegas Sands owner Sheldon Adelson.
A man accused of bilking 11 investors out of $3.6 million in a fraudulent scheme to buy Genoa Lakes Golf Club in Genoa, Nev., has pleaded guilty to 24 federal charges, including wire fraud and money laundering, the Associated Press reported.
U.S. Attorney Dan Bogden said 55-year-old Scott Summerhays of South Lake Tahoe, Calif., pleaded guilty February 12 in federal court in Reno, Nev., the AP reported.
From 2008-10, prosecutors say Summerhays told potential investors he was purchasing Genoa Lakes Golf Club for $17 million, the AP reported.
Prosecutors said he faked documents suggesting he was a partner with Las Vegas Sands owner Sheldon Adelson, and owned $30 million in stock in the Sands, MGM and Berkshire Hathaway. He faces up to 30 years in prison and $5.7 million in fines at his May 29 sentencing before Judge Larry Hicks, the AP reported.
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