A senior citizen couple has lost their life savings to an intricate timeshare scam. James, 76, and his wife Nicki, 72, were contacted by a purported real estate firm about selling their property in Lake Tahoe, California. Unaware of the illicit nature of the transaction, James wired around $900,000 to fraudsters. The couple initially thought they were covering border expenses and would be reimbursed, but the scammers threatened fines and claimed to represent Mexico’s financial intelligence unit.
James sought financial assistance from his daughter and even listed his home for sale, accumulating over $150,000 in debt. Despite warnings from Nicki, he disregarded her concerns. The FBI has issued a warning about the growing prevalence of timeshare scams, urging owners to be cautious of unsolicited calls and high-pressure tactics. Timeshare owners are advised to thoroughly research potential buyers and consult an attorney before making any decisions.
The sophistication of scams has escalated with the use of artificial intelligence, so it’s imperative to be vigilant. Scammers may impersonate sales representatives, like those from the Mexican cartel, to deceive victims. Always remember that if an offer seems too good to be true, it likely is.
