Transfer Smart Alert: Timeshare Scam in Oregon Masks as a Classic Investment Scheme

transfer smartThe timeshare industry is becoming more complicated nowadays as it gains popularity since its introduction in the 1960s. Despite many owners trying to get out of their timeshares, this industry has also opened its doors for other forms of business ventures. Along with these, there are also scammers in this industry who are creative enough to maneuver their illegal deeds in an unsuspecting ways.

Just recently, the Oregon Department of Consumer and Business Services has imposed fines of over $2 million against companies and individuals from the US, Mexico, and Panama. The said individuals and companies were involved in an investment scam and their fraudulent deal claimed more than $428 million dollars from individual investors.

The said fraud involves soliciting of funds from Oregon residents and a complicated strategy where unregistered securities were sold as an investment. The securities involved Mexico timeshare along the Yucatan Peninsula in which the investors were told would be rented and would yield a high yearly return to them. According to some testimonies, the affiliated companies would rent these Mexico timeshares through universal leases. Unfortunately, many elderly Oregonians lost their hard-earned retirement funds by investing in this scheme.

Part of the characteristic of this fraudulent investment is that they are sold by agents who are not licensed to sell securities. Meanwhile, state licenses vary in different forms. For example, an insurance agent is by no means authorized to sell investments.

The timeshare industry today became a newfound haven of the scammers and defrauders. These illegal acts intensify the bad reputation that this industry is currently reaping. While some owners try to get out of their timeshares and some even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property, those potentials owners on the other hand are hesitant to venture in this kind of purchase because of the increasing cases of frauds in this industry.

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One response to “Transfer Smart Alert: Timeshare Scam in Oregon Masks as a Classic Investment Scheme

  1. Pingback: Transfer Smart Alert: Timeshare Scam in Oregon Masks as a Classic … | Investment Scam

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