| Timeshare Scam under Investigation by German Prosecutors |
A German prosecutor is investigating timeshare fraud conducted in the Canary Islands. The case is being prosecuted in Stuttgart, bringing charges against Ivan Boris, a 37-year-old man from Croatia. According to the report, Boris has assumed at least fifteen false identities, in his attempts to defraud victims in the timeshare scam.
Boris allegedly promises the timeshare buyers an investment return and uses falsely notarized documents to back up his promises. The timeshare fraud has involved perhaps as many as 40 victims, who spent nearly three quarters of one million dollars (collectively) for timeshare rights at the Club Monte Anfi.
Timeshare laws in Europe have lagged behind those in the US and many other parts of the world in providing a structure that properly protects the interests of timeshare owners and timeshare buyers. While it wasn’t for lack of having laws in place, the wording of many of those laws simply permitted loopholes that could be exploited.
In recent years, the OTE has tightened up their laws, targeting £100,000 in 2007 to its “Enforcement Project in Spain,” with plans to increase that spending in 2008 by 30 percent. During the past year, the OTE Enforcement Project in Spain, working with the police, has closed four bogus law firms and seven timeshare resale’s companies that were running timeshare scams.
|
|