Ruthless timeshare fraud robbed elderly of savings

"A man duped out of 14,000 has said those responsible are "scum", as the shocking scale of a 28m timeshare fraud involving more than 3,500 victims is revealed. Fourteen people, including managing director Mark Rowe and his wife Nicola, have been convicted over the scheme which operated under the Sell My Timeshare brand. The couple, both 54 and from Hampshire, bankrolled a lavish lifestyle by exploiting vulnerable victims - many in their 70s and 80s - who were desperate to sell their holiday homes."

"Predominantly in the 1980s and 1990s, timeshares were marketed as holidays without the hassle, and many investors were told they would increase in value and be easy to get out of, whenever they wanted. As owners aged or suffered failing health, many found they could no longer use the homes or afford the rising maintenance payments and wanted to dispose of them."

An elaborate timeshare fraud that began in 2013 defrauded more than 3,500 victims of around 28m, with fourteen convictions including managing director Mark Rowe and his wife Nicola. The scheme, operating under the Sell My Timeshare brand, targeted predominantly elderly owners in their 70s and 80s who wanted to dispose of costly, underused holiday weeks. Victims were lured into exchanging timeshares for "Monster Credits" promising discounts and vouchers that would increase in value and be tradable. Clients typically invested about 8,000 each before discovering the credits were worthless while still owning the original timeshares, and perpetrators used proceeds to fund a lavish lifestyle.

Read at www.bbc.com