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Timeshare Investment Scam

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Timeshare Investment Scam Reports & Reviews (1)

- Charlotte, NC, USA • Dec 22, 2023
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I was contacted by a real estate agent out of Zurich who wanted to know if I was interested in selling by timeshare in Cabo. He sent me his contact information, company info, etc. He said there were investors who were willing to pay $15,000 more than we had originally paid for it. We asked a lot of questions. We were told these investors buy them directly from the resorts but the resorts will only sell them a certain amount to avoid a corporate takeover. We signed a letter of intent. Then, we were told investors were lined up to offer us $25,000 and they’d even pay the closing fees. All we had to pay was the commission at closing. Next, we were put in touch with an escrow agent. She gave us her CPA license and it panned out. We filled out an application for an escrow account, which also required a copy of our drivers’ licenses. We did scratch out part of the numbers on our drivers’ licenses. We also shared a copy of our timeshare resort certificate and the contract number with them. So, these people have our names, phone numbers, email addresses, dates of birth, part of our drivers’ license numbers, addresses and resort details. We spent hours researching stuff on the internet but all the warnings said to be wary of people asking us to pay fees up front or of high pressure situations. We even had a lawyer friend look at a few things and he said he wasn’t familiar with timeshares but everything looked legit. After we applied for the escrow account, we were sent what looked like an official bank statement from Citibanamex. It showed a deposit of 15% of the purchase price ($3750) from the investors/buyers. The escrow agent told us to call the number on the statement to establish contact with the bank. We googled the number and it didn’t match any of the numbers on the Citbanamex website. We never called that number. Then, we were sent the official sales agreement. We were told to spend time with it and write all of our questions down. The real estate agent set up a meeting with his boss and we talked through the document. That’s when we were told we’d need to apply for a temporary naturalization certificate with Mexico and get a tax payer id number, which would cost us around $4,000 up front. If we work with their lawyer, we’d be reimbursed after closing. That’s when we knew this was a scam. We said we needed some time to look into all of this. We got off the phone and googled these terms and found stories confirming our suspicions. The scammers do not know we are on to them. We told them we needed until after the holidays to figure everything out. Since then, they have sent us a new bank statement showing all of the money for the sale of the timeshare in the account plus reimbursement for the fees. At any rate, we’ve been in touch with our identity theft insurance company and we are taking measures to put extra protection on our accounts and identity. People I spoke with: Derek Rogers and Mark Taylor with Index Asset Management ([email protected], 888-535-8626 ext. 602) and Caroline Michelle Smith with Capital Holdings, Inc. (escrow company in NJ, 201-492-5130, [email protected], www.capitalholdings.services).

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