St. Charles County Developer Sentenced to 21 Months in Prison For Fraud

St. Charles developer James Summers, 40, was sentenced Aug. 25 to 21 months in prison on multiple fraud charges involving a real estate development project in , according to a press release from the U.S. Attorney's office.         

He pleaded guilty to three felony counts of bank fraud in March and appeared for sentencing before United States District Judge Audrey G. Fleissig, according to the release.

Summers owned and operated Quality Building Systems and D & M Properties and used these businesses to develop commercial real estate projects. 

Summers bought three lots in St. Charles County with financing from 1st Advantage Bank in December 2007 and June 2008. He was to construct a commercial building on one of the lots, the "Cool Springs" project. The loans were for $450,000 and $745,000 and construction funds were to be dispursed for work completed.

Summers submitted false and fraudulant invoices and vouchers to 1st Advantage which released the construction funds to him. He used those for other purposes and no construction work was done.

The bank lost more than $250,000. Summers has agreed to pay restitution to two other businesses. Total restitution is for more than $1 million.