All Net Escrow, Castle Wealth Management of Oklahoma City raise concerns
BBB and Department of Finance are warning timeshare owners to beware of a possible fraud escrow company in Eagle, ID.
Consumers, escrow and real estate industry agents should exercise caution when dealing with All Net Escrow, an on-line escrow company.
All Net Escrow claims to be located at in Eagle but the address belongs to an unrelated business. Owners say they have no knowledge of All Net Escrow and are concerned after someone came into the business asking about escrow services.
All Net Escrow appears to be working with Castle Wealth Management with a location in Oklahoma City. No business of that name exists. A Florida-based company under that name Castle Wealth reports no association with the business in Oklahoma or the Eagle address.
Gavin Gee, director of the Idaho Department of Finance, says while facts continue to be gathered, it appears timeshare unit owners in Mexico are targeted by Castle Wealth claiming to have a buyer for their timeshare unit and asking the owner’s interest in selling.
All Net Escrow provides account information, leading owners to believe money from a buyer is being held in escrow.
The representative promises a quick sale, often within 60-90 days. The sales representatives often use high-pressure sales tactics to add a sense of urgency to the deal. Some victims have reported that sales representatives pressured them by claiming there was a buyer waiting in the wings, either on the other line or even present in the office.
At least one owner was provided with a phony “license” created to look like an escrow company license issued by the department. The department has no record of ever having issued an escrow company license to All Net Escrow. All Net Escrow is not licensed by the department as an escrow company nor as any other financial service provider in the state of Idaho.
BBB advises timeshare holders to protect themselves. If someone offering to sell or rent your timeshare contacts you, be cautious. To avoid becoming a victim of a timeshare scheme:
• Start with trust by checking the company’s track record at www.bbb.org.
• Be wary if a company asks you for up-front fees to sell or rent your timeshare.
• Always read the fine print of any sales contract or rental agreement.
Check out mortgage and finance companies at BBB.org or go to the state finance department. The department urges any one contacted by either company to call 208-332-8080 or Idaho toll free at 1-888-346-3378.
According to the center (www.ic3.gov), in the typical scam “timeshare owners receive unexpected or uninvited telephone calls or emails from criminals posing as sales representatives for a timeshare resale company.
Anyone who believes they have been a victim of this type of scam should promptly report it to the IC3’s website. Complaints are linked and referred to the appropriate law enforcement agency for case consideration.
In the past, the Internet Crime Reporting Center has had cases where “timeshare owners who have been defrauded by a timeshare sales scheme have been subsequently contacted by an unscrupulous timeshare fraud recovery company as well.”