A man was arrested for being involved in a mortgage fraud scheme last week. This scheme had more than 225 victims and robbed them of $2.6 million dollars. The man, Adam Lacerda, pleaded not guilty in his hearing at the federal court last Monday. Lacerda graduated from Dennis-Yarmouth Regional High School and was CEO of VO Group. The VO Group was a timeshare firm located in Nashville, TN that was based in New Jersey. Lacerda currently faces charges of “mail fraud, wire fraud and conspiracy to commit money laundering”. He, along with his wife and six others were indicated.
Allegedly, the workers of VO Group contacted timeshare owners and convinced them to sell their timeshare for a cut-rate price. They also had these sellers send them money to sell or cancel their timeshare. The money was mailed to a P.O. Box in New Jersey where Lacerda withdrew the money and used it for personal expenses.
The investigation revealed that these schemers tried to cover their tracks by purchasing another timeshare in the clients name in the ‘bait and switch’ tactic. In addition, Lacerda and his wife were also receiving unemployment while working for the company. The jury trial is scheduled for July 9th in New Jersey.
Transfer Smart warns all timeshare owners to be careful when hiring a company in regards to timeshares. There are a lot of timeshare fraud companies who have taken thousands of dollars from timeshare owners.