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Florida regulators double up efforts to catch timeshare resale scammers |
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Written by TSD Staff
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Florida is cracking down on timeshare resale scams. Last Thursday, the local authorities reported four arrests, over 100,000 in fines, two lawsuits and six subpoenas. On top of that, there are 49 investigations concerning suspect timeshare companies and nine active lawsuits.
In the past year, the local timeshare industry has been swarmed by complaints from consumers who have been requested to pay upfront fees to sell their timeshares. Then, the resale company walks away from them without reimbursing the paid fees.
The resale company promises the timeshare owner that they already have a buyer for their property. They then ask for upfront fees, which they promise to reimburse once the sale has been finalized. However, authorities say that there is rarely an actual buyer in that type of offer.
Regulators recently found unlicensed sales agents, unregistered businesses, and arrest warrants for employees—all in the region.
This year alone, the timeshare resale industry has generated more than 8,000 complaints.
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