Man sentenced to three months in jail for loan scheme

SARASOTA — Stephen Hummell of Sarasota was sentenced to three months in jail followed by 15 years of probation after a guilty plea for his role in an advanced fee loan scam.

The Office of Financial Regulation announced the sentencing in a press release that also says Hummell is barred from the lending industry for life. 

According to the press release, Hummell used the website capitalfirstinvestorsgroup.com to offer online loans to prospective borrowers. It says 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. Instead of providing the victims loans or refunds, the investigation revealed the money was used for personal expenses.   

"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," Commissioner Drew Breakspear says in a statement.