South Lake Tahoe Man Admits Fraudulent Golf Course Scheme
Submitted by paula on Thu, 02/13/2014 - 5:00pm
RENO, Nev. (AP) — A Lake Tahoe-area man accused of bilking 11 investors out of $3.6 million in a fraudulent scheme to buy a Douglas County golf course has pleaded guilty to 24 federal charges, including wire fraud and money laundering.
U.S. Attorney Dan Bogden says 55-year-old Scott Summerhays of South Lake Tahoe, pleaded guilty Wednesday in federal court in Reno.
From 2008-10, prosecutors say Summerhays told potential investors he was purchasing Genoa Lakes Golf Club near Gardnerville for $17 million.
They say 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.
From SFGate.com
http://www.sfgate.com/news/crime/article/Tahoe-man-admits-fraudulent-golf-course-scheme-5231108.php
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