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West Palm Beach man gets prison for timeshare scam

By Palm Beach Business.com

WEST PALM BEACH — A West Palm Beach man is heading off to prison for his role in running a timeshare boiler room scam that ripped off more 2,000 victims throughout the U.S. and Canada.

Michael J. Ferrari, 27, who in May pleaded guilty to fraud charges, was sentenced to five years and three months in federal prison in connection with International Resort Solutions, a firm that claimed to market and sell timeshare units in exchange for an upfront fee. Ferrari faced a maximum of 20 years.

According to court documents International Resort operated six boiler rooms throughout Palm Beach County, which would solicit timeshare owners. Ferrari and others who worked at the company told victims that the company had buyers for the units and that closing dates were scheduled. When that date passed without a sale occurring, the scammers told victims that the deal had fallen through because the buyer didn’t qualify for a loan.

Never fear, they were told, International Resort would market their timeshares and a buyer would be found. Eventually.

Ultimately, the firm took its victims for more than $3.3 million.

To date, 10 International Resorts employees, including Ferrari, have been convicted and given sentences ranging between five years in prison to as much as 10-and-a-half.