Numerous victims say they lost everything in timeshare purchasing scam with phony business address
Timeshares can go from creating happy memories to causing big headaches — especially if an owner wants out.
That is where scammers come in — promising owners they can sell the timeshares at a profit, but pocketing all the cash.
In August 2022, CBS News Chicago reported on an elaborate Chicago-focused scam in which a man lost hundreds of thousands of dollars. Since then, dozens more have come forward saying the same happened to them.
One victim or another told the same story. They were out hundreds of thousands of dollars too.
"At the end, I paid $206,000 for nothing," one victim said.
The victims' life savings, homes, and pensions were all gone — given to people claiming to work for a firm called Intercontinental Realty, which called the victims with a promise to sell their timeshares in Mexico for a profit.
"The scam is the same," said private investigator Joe McGreal. "So they'll offer a large amount of money — a $1 million profit, a $2 million profit — just to hook them and reel them in. Once they're reeled in, they start charging them fees."
McGreal has been tracking the scam for three years. He began investigating after the victim whom CBS News Chicago talked with for the 2022 story hired him to get his $300,000 back from the same company.
"Greed drove this thing," the man who lost that money said at the time. "The little voice in the back of my head kept saying, 'There's something not right here.'"
On its website, Intercontinental Realty listed its address as the 12th floor of 7 W. Madison St. in the Loop. But both McGreal and CBS News Chicago quickly learned no such company existed in that building — or ever had.
CBS News Chicago then called the company's number dozens of times. No one returned the calls.
Then, after CBS News Chicago's original story aired in 2022, McGreal got calls from a dozen other victims — including one couple who did not want to be identified.
"I found your broadcast, and that's when I walked in, and I said, 'Look, you need to look at this,'" the husband of the couple said.
His wife almost lost everything.
"I filed wit with the FBI in September 2021, for the IC3. As a matter of fact, I did it twice," the wife said, "and I haven't heard a word."
Another man, who also wanted his identity protected, lost everything too.
"I wish I could get my money back," he said. "I mean, I don't want t hem to screw anybody else over, but give me my money back."
McGreal said the overall losses from the scam have been staggering.
"The dozen clients that I represent, there's everywhere from $500,000 loss to $1.3 million," said McGreal. "The total is over $4 million — $4.3 million, give or take."
McGreal also called the FBI, offering practically to hand the agents his case file.
"The agencies involved with enforcing these laws are not doing anything about it," said McGreal.
The FBI was one example of such an agency, he said.
"The FBI was contacted by half a dozen clients in half a dozen states. They were informed to file a complaint on their website. They did that," McGreal said. "Haven't heard back in two years."
Since CBS News Chicago's original story, the Intercontinental Realty website was taken down.
Attorney Jennifer Hardy, who handles timeshare-related cases, is not surprised by the success of the scam.
"These scams are fluid," she said. "They're contacting thousands of potential victims."
McGreal said all his evidence leads to scammers in Mexico, and he is still determined to shut them down.
When asked realistically whether he could get the victims of the scam any of their money back, McGreal said he thought he could.
"I'm not going to stop until I do," he said.
An FBI spokesperson said the agency cannot confirm any ongoing investigation, but did say timeshare scams like these are on the rise. According to the FBI, the proceeds of many of the scams go straight to help fund Mexican cartels.
