The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned multiple individuals and companies linked to a Mexican cartel for engaging in timeshare fraud targeting U.S. citizens, the department said in an Aug. 13 statement.
“These complex scams often target older Americans who can lose their life savings. The lifecycle of these scams can last years, resulting in financial and emotional devastation of the victims,” the department said.
Cartels typically obtain information on timeshare owners in Mexico from insiders working at resorts, Treasury said. Call centers then contact them, falsely claiming to be third-party brokers, sales representatives, or attorneys from the timeshare industry or sectors such as real estate, financial services, and travel….