Transfer Smart reports on nine citizens who have been arrested for being involved in a timeshare mortgage scheme. Apparently, these people preyed on the elderly by offering to pay off their mortgages at reduced amounts. Once the property owners sent in their payments, the individuals would then use it to purchase personal items or buy a timeshare in another persons name. They took nearly $2.4 million from unsuspecting owners.
Those charged will be facing mail fraud conspiracy and if convicted faces a minimum of twenty years in prison.