Timeshare Promoters Sanctioned by State of Oregon

Salem, OR, October 9, 2009– From The Statesman Journal: State regulators have sanctioned the promoters of a fraudulent time-share investment program that raised more than $428 million from investors nationwide before its collapse, including $5 million from Oregonians.

The Oregon Department of Consumer and Business Services has levied fines in excess of $2 million against American, Mexican and Panamanian-based companies and individuals for unlawfully soliciting funds from Oregon residents.

Named in cease-and-desist orders, among others, are Yucatan Resorts, Resorts Holdings International and World Phantasy Tours.

“It’s unfortunate that many elderly Oregonians lost their hard-earned retirement funds by unwittingly investing in this scheme,” said David Tatman, the division administrator of the state’s Division of Finance and Corporate Securities.

This was the operation that landed Michael Kelly in prison. Read the rest of the details about this in The Statesman Journal

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5. International Timeshare Consolidators of WA Leaving Sellers High and Dry