Better Business Bureau and Idaho’s Department of Finance are warning time-share owners to beware of a possible fraud escrow company claiming a location in Eagle.
Whether you’re the owner of a time share, escrow or real estate industry agent, exercise caution when dealing with All Net Escrow, an online escrow company.
All Net Escrow claims to be located 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 claims to be working with Castle Wealth Management in Oklahoma City. No business of that name exists in that city. A real Florida-based company with the Castle Wealth name reports no association with the business in Oklahoma or the Eagle address.
Gavin Gee, director of the Idaho Department of Finance, says that while facts continue to be gathered, it appears time-share unit owners in Mexico are targeted by Castle Wealth and All Net Escrow, claiming to have a buyer for time-share units 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 Idaho.
BBB advises time-share holders to protect themselves. If someone offering to sell or rent your time share contacts you, be cautious. To avoid becoming a victim:
• Check the company’s track record at www.bbb.org.
• Be wary if a company asks you for up-front fees.
• 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 anyone contacted by either company to call (208) 332-8080 or toll free at 1-888-346-3378.
According to the Internet Crime Complaint Center (www.ic3.gov), in the typical scam, time-share owners receive unexpected or uninvited telephone calls or emails from criminals posing as sales representatives for a time-share resale company.
People who believe 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.
Robb Hicken, (208) 947-2115
