February 1, 2013
For immediate release
Kansas City, MO - The Better Business Bureau of Greater Kansas City is issuing a warning to prospective timeshare sellers. Elite Escrow, Inc., listed in Leawood, KS, has ensnared at least two people in an elaborate scam, costing them thousands. The so-called escrow company is fraudulently using the Real Estate Broker’s number of a broker with no knowledge of, or association with, Elite Escrow.
The scam begins when potential victims are contacted by A.E.M. Real Estate, who claim to have a business location in Chicago. Like other timeshare scams, A.E.M. tells potential victims that a buyer is lined up for their timeshares and only need an advance closing cost to seal the deal. The closing cost is supposedly sent to a third party escrow company; in this case, Elite Escrow, Inc. Once the victim’s money is forwarded to Elite Escrow, the company ceases contact.
Elite Escrow, Inc. was a legitimate business in the Kansas City area before ceasing operation in 2009. The company was reincorporated by a woman claiming to be Mildred J. Frederick, who has no affiliation with the original company owner. A.E.M. Real Estate was also a legitimate Chicago business in the past. The company is using innocent businesses and brokers to project a false air of legitimacy.
The Better Business Bureau of Greater Kansas City has uncovered dozens of timeshare resale scams in recent years. Even though these scams are using more complicated facades, timeshare owners can follow a few tips that will help them avoid resale scams.
The BBB offers the following advice to timeshare owners who are looking for help in selling their timeshare:
If you think you’ve been the victim of timeshare resale fraud, contact your local Better Business Bureau or Attorney General’s office.
For more information, questions or comments, contact:
Manager of Information and Media Services
Better Business Bureau of Greater Kansas City
816-421-7800 x 107