The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury sanctioned three Mexican individuals and 13 Mexican companies. These people and companies are linked, directly or indirectly, to the timeshare fraud led by the Jalisco New Generation Cartel (CJNG).
“The CJNG, a major trafficker of narcotics such as illicit fentanyl to the United Statesgenerates substantial income for his multifaceted criminal enterprise through his time-sharing fraud network,” says Treasury Secretary Janet Yellen, quoted in a statement.
CJNG, a leading narcotics and fentanyl trafficker generates revenue through timeshare fraud schemes. In coordination with the Government of Mexico, Treasury has imposed a third round of sanctions on individuals and entities associated with CJNG’s fraud. https://t.co/GioSpBDcJq
— Treasury Department (@USTreasury) November 30, 2023
“The CJNG uses extreme violence and intimidation to control the network of timeshare, which often targets elderly US citizens and can defraud victims of their entire life savingsto. “Treasury remains committed to the Administration’s government-wide effort, in coordination with our partners in Mexico, to disrupt CJNG’s revenue streams and its ability to traffic deadly drugs like fentanyl,” he continued.
These types of scams often target “older Americans” and can wipe out “life savings,” he added.
There are different timeshare frauds, but they often consist of telling timeshare property owners that they have potential buyers or making them unsolicited purchase offers, and as soon as they accept them, they ask for an advance payment assuring them that it will be returned. when they close the operation.
After making several payments, The owners realize that the offers were fictitious and that they have lost the money.
This sanction joins another that the United States government has applied to hit the financial structure this year, on March 2, OFAC sanctioned eight Mexican companies in accordance with Executive Order (EO) 14059. These companies are linked, directly or indirectly, to CJNG’s timeshare fraud activities.
On April 27, 2023, OFAC sanctioned seven Mexican individuals, including fugitive drug trafficker Eduardo Pardo Espino, and 19 Mexican companies pursuant to EO 14059. These individuals and companies are also linked, directly or indirectly, to the activities of CJNG timeshare fraud.
Assets in the US are blocked
The operation by the Office of Foreign Assets Control (OFAC) was carried out in coordination with the Government of Mexico, including its financial intelligence unit, Washington reports in a statement.
Among those sanctioned are Teresa De Jesús Alvarado Rubio, Manuel Alejandro Foubert Cadena and Gabriela Del Villar Contreras.
The 13 companies sanctioned are the Epta business group, Assis Realty and Vacation Club, Axis Sale&Maintenance Buildings, Comercializadora de Servicios Turísticos de Vallarta, Condos&Vacations Buildings Sale& Maintenance, Grupo Minera Barro Pacífico, SAPI de CV, International Realty&Maintenance, Mega Comercial Ferreléctrica, Real Estates & Holiday Cities, Terra Minas and Inversiones del Pacífico, Banlu Comercializadora, Crowlands and Skairu.
As a result of the sanctions, all assets and interests in assets of those sanctioned that are in the United States or that are in the power or control of Americans are blocked.
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