BOISE -- The Idaho Department of Finance is warning timeshare owners to be on the lookout for a scam involving fake buyers.
Department of Finance Director Gavin Gee said that All Net Escrow claims to be located in Eagle, Idaho. However, the business that is actually located at that address became concerned after someone walked in looking for escrow services. The DOF said that they have not licensed All Net Escrow in any capacity.
Gee said that All Net Escrow appears to be working with another company listed at a false address in Oklahoma City: Castle Wealth Management. While a Capital Wealth Management does exist, the DOF said that it is a legitimate business based out of Florida and not the one targeted in their investigation.
Timeshare owners with units in Mexico seem to be the main target of the scam. Gee said it works like this: Timeshare owners are contacted by Castle Wealth, who claim that they have a buyer for the timeshare and want to know if the owner is selling. All Net Escrow then sends account information to the owner, leading them to believe that funds have been received from the "buyer" and are being held in escrow.
The owner is then required to pay a "transfer fee" by wiring funds equal to between one percent and five percent of the sales price to a bank in Mexico. Owners are told this fee will be refunded once the transaction closes.
Gee said that at least one timeshare owner was presented with a fake escrow license fashioned to look like the ones issued by the DOF.
The DOF is asking that anyone who has been contacted by either of these companies call them at 208-332-8080 or toll free at 1-888-346-3378.