Time-Share Scam Guilty Plea In Metro-East
EAST ST. LOUIS, Ill. (AP) – A Florida man accused in a federal crackdown on telemarketing fraud faces sentencing next spring in East St. Louis, now that he’s admitted having a role in bilking $30 million from more than 22,000 victims across North America.
Twenty-four-year-old Steven Folan of Florida’s Palm Beach County pleaded guilty Thursday to 13 fraud counts related to a time-share telemarketing scam.
Authorities say Folan was manager of Universal Marketing Solutions and later Creative Vacation Solutions.
The government says those companies falsely told time-share owners in unsolicited calls that they had buyers for their properties.
Prosecutors say the telemarketers solicited fees of up to several thousand dollars from victims in purported closing costs they promised to refund when the deals closed. The companies pocketed the money.
Folan is scheduled to be sentenced March 9.
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