The Office of Financial Regulation today announced that Stephen Hummell was sentenced to three months in jail to be followed by 15 years of probation, after a guilty plea for his role in an advance fee loan scam. He is barred from the lending industry for life.
Commissioner Drew J. Breakspear said, “Collecting an advance fee for the promise of a loan is illegal in Florida, and our investigators will continue to work tirelessly to ensure Floridians are protected from these scams. I thank the Sarasota County State Attorney’s Office and the Cobb County Sheriff’s Office in Georgia for their assistance in this case.”
Hummell used a website, capitalfirstinvestorsgroup.com, to offer online loans to prospective borrowers. He purportedly assessed and collected more than $1.2 million in advance fees from more than 40 victims in exchange for promising them business loans. However, no loans or refunds ever materialized. The investigation revealed that the victims’ money was used for personal expenses.
To report investment fraud or suspicious activity, please file a complaint with the Florida Office of Financial Regulation online, flofr.com, or call (850) 487-9687.