US Warns Financial Institutions About Mexican Cartel-Run Timeshare Fraud

Published on July 17, 2024

U.S. federal agencies have announced they are cracking down on Mexican cartel-run timeshare schemes facilitated by financial entities targeting older adults. Sanctions have been placed on four Mexican companies and three Mexican accountants connected to cartel-led timeshare fraud activities, the Treasury Department’s Office of Foreign Assets Control (OFAC) said in a post on X. Simultaneously, the Treasury Department issued a joint notice with the FBI to financial institutions urging them “to be vigilant in detecting, identifying, and reporting timeshare fraud perpetrated by Mexico-based transnational criminal organizations (TCOs).” “According to the FBI, since at least 2012, the Jalisco New Generation Cartel (CJNG) and other Mexico-based TCOs have increasingly targeted U.S. owners of timeshare properties in Mexico,” the federal agencies said in the joint notice. “Older adults, including retirees, are frequent victims in these schemes.”...

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