The law firm of Chapman & Associates, LLC announced today its decision to commence proceedings before the NASD on behalf of victims of the Resort Holdings and Yucatan Resorts scams.
July 30, 2007 (Press Release) --
The law firm of Chapman & Associates, LLC announced today its decision to commence proceedings before the National Association of Securities Dealers, or ‘NASD’ on behalf of victims of the Resort Holdings and Yucatan Resorts scams. The firm’s principal, attorney John S. Chapman commented: “Yucatan investors should not sleep on their legal rights. We want to review as many investor claims as we can and file the ones that qualify before time runs out.”
The Resort Holdings and Yucatan Resorts scams were the brainchild of Michael Eugene Kelly. In December 2006, the FBI arrested Michael E. Kelly in Florida. He was charged with orchestrating a massive nationwide fraud estimated at about $400 million, with hundreds of victims. The victims, many of them senior citizens, were sold "Universal Lease Programs" that were supposed to give them a timeshare in one of Kelly's hotels and provide return payments of 9-11% annually.
In reality, the Universal Lease Programs were instruments of a Ponzi Scheme. Mr. Kelly used the investors' money to finance a lavish lifestyle that included mansions in Cancun, luxury yachts, sports cars and a private jet.
Securities regulators in several states have filed Cease and Desist Orders against Michael Kelly, several of his companies including Resort Holdings and Yucatan Resorts, and many of his accomplices.
Kelly enlisted the assistance of stock brokers and insurance agents to promote his scam. Such brokers in turn convinced their clients to invest in the Universal Leases. In many cases, senior citizens invested their entire pension funds or lifetime savings in Kelly’s purported timeshares.
The Chapman & Associates, LLC attorneys are preparing to help the investors who purchased the Universal Lease Programs through stock brokers recover their losses. Individuals with information about stock brokers who sold the Universal Lease Program to investors are requested to contact Chapman & Associates, LLC immediately at jchapman@jscltd.com or toll free at 866-220-3300.
This press release is not legal advice. By reading this information or contacting us, you are not entering into an attorney-client relation with Chapman & Associates, LLC. If you already have an attorney, contact him immediately regarding your rights. Act promptly, since the passing of time may prevent you from pursuing your claims.
The Resort Holdings and Yucatan Resorts scams were the brainchild of Michael Eugene Kelly. In December 2006, the FBI arrested Michael E. Kelly in Florida. He was charged with orchestrating a massive nationwide fraud estimated at about $400 million, with hundreds of victims. The victims, many of them senior citizens, were sold "Universal Lease Programs" that were supposed to give them a timeshare in one of Kelly's hotels and provide return payments of 9-11% annually.
In reality, the Universal Lease Programs were instruments of a Ponzi Scheme. Mr. Kelly used the investors' money to finance a lavish lifestyle that included mansions in Cancun, luxury yachts, sports cars and a private jet.
Securities regulators in several states have filed Cease and Desist Orders against Michael Kelly, several of his companies including Resort Holdings and Yucatan Resorts, and many of his accomplices.
Kelly enlisted the assistance of stock brokers and insurance agents to promote his scam. Such brokers in turn convinced their clients to invest in the Universal Leases. In many cases, senior citizens invested their entire pension funds or lifetime savings in Kelly’s purported timeshares.
The Chapman & Associates, LLC attorneys are preparing to help the investors who purchased the Universal Lease Programs through stock brokers recover their losses. Individuals with information about stock brokers who sold the Universal Lease Program to investors are requested to contact Chapman & Associates, LLC immediately at jchapman@jscltd.com or toll free at 866-220-3300.
This press release is not legal advice. By reading this information or contacting us, you are not entering into an attorney-client relation with Chapman & Associates, LLC. If you already have an attorney, contact him immediately regarding your rights. Act promptly, since the passing of time may prevent you from pursuing your claims.
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