A complaint has been filed in Denver District Court against Lakewood resident Terry L. Fields. Colorado Securites Commisioner Fred Joseph filed the complaint on July 12 th and claims Fields violated several provisions of the Colorado Securities Act including anti-fraud, licensing and registration items.
 
Fields is specifically charged with selling timeshare investments for Resorts Holding International, which has also been operated under the names Yucatan Resorts, Avalon Resort, Majesty Travel, World Phantasy Tours, as well as Galaxy Property management. Allegedly Fields told investors that the company owned resort property, primarily in the Cancun area.
According to the complaint, Fields approached investors, many of whom were elderly, beginning in 2001. The prospective investors were informed that they could use the timeshare personally, rent out the units themselves or pay a third-party to manage the rental process. Only the third option was presented as a viable option. Throughout the process, Fields was promising investors a return on their investment of 9 percent by the end of 25 years, according to the complaint.
 
Not only didn't investors get a nine percent return, most lost their entire investments. The complaint goes on to allege that Fields sold four such investments to Colorado for more than $110,000 in total.
 
Fred Joseph was also involved in a case against Louis Welt regarding the same Resort Holding International company. The case ended in a settlement with Welt barring him from future sales activity in Colorado as well as requiring him to pay a $1.6 million judgment.
 
Michael Kelly, purported to be the owner of Resort Holding International, was taken into custody last December on charges of operating a Ponzi scheme that robbed investors of nearly $400 million