Resort Holdings - Galaxy Properties Management - Dave IUbelt Phony Investment Scam STEALS LIFE SAVINGS AS PREMIER INVESTMENT ripoff Carson City Nevada
I was lead to invest my money in Resort Holdings by my representing agent Dave Iubelt. He told me I had to invest for a threee year minimum before my investment could be liquidated. I of course trusted him as he gave me his business card as an investment broker at my bank. I was interested in cancelling my investment to buy property in Nevada and was told by Resotrt Holdings that they are not buying back leases at this time and as my investment was very large I would be lucky if they would buy it back at all.
I was a STUPID INVESTOR and actually invested over $400,000 dollars in this scam. It really rings true of a pyramid scam. One company holds the lease , while the other manages the interest. Of course, the interset holding companys' phones do not work.
If there is anyone out there who has had any success getting their money back I would certainly love to hear from you. I am going to contact the attorney generals office and see if they have any help for me in the state of Nevada.
Albert
Sparks, Nevada
U.S.A.
10 Updates & Rebuttals
Ernest
San Antonio,Texas,
U.S.A.
IP Fund1 Leaseholders come together
#11Consumer Comment
Fri, April 16, 2010
The leaseholders need to intervene in Kelly's criminal case to protect their leaseholders rights to hold RHI, Grupo Kelly and others civilly responsible! The order appointing the special master obligates the SM to cause Kelly to add Assets to Restitution Fund necessary to make full restitution and pay SMs fees and/or obligates the Court to expand the Restitution Fund to include all necessary Assets to make full restitution to victims and pay fees. The appointment does not preclude victims from pursuing any rights they may have that do not encumber, restrain or dissipate the Assets, enforcement of any rights (specifically characterized as a lien) against the Assets or Legal Structure unless the Court orders otherwise. However, the special master's claim form is contrary to the courts order of appointment. The claim form bars victims not adhering to the Claims procedure from asserting a claim against SM, Claims Processing Agent; Restitution Trust, Kelly Business Entities or any successor in interest to or third party beneficiary of any asset owned by or affiliated with Grupo Kelly The claim form recognizes a possible difference between amount of loss calculated for criminal restitution and that could be awarded a defrauded investor in a civil lawsuit, and that criminal restitution does not supplant a civil judgment. Assets collected by SM will not be available to satisfy any civil judgment against Kelly.
Coming Victim Claim Form (i) D. Waiver/Release (a) terminates leases (b) bars claimant from asserting any claims against SM, CPA and waives claims regarding the universal Lease Program including lease, any assets purchased with proceeds, any remedy entitled to under the Universal Lease Program [waived and assigned in benefit of SM or designee. (c) bars claims against any transferee of or successor in interest to any asset or any third party beneficiary of any asset owned by or affiliated with Grupo Kelly. The special master wants the leaseholder to terminate their leases claiming the hotels can be sold free and clear of liens, however, I believe that they are not canceling all the other timeshares Kelly sold. "Therefore the hotels would not be free and clear of liens". The special master also wants the leaseholders not to hold him responsible for his actions, however, when the court appointed him; the court gave him immunity as long as he did not do anything outside of his appointment. If his actions are in line with his appointment he would have no immunity. Why is he asking the leaseholders to waive their rights to hold him responsible for his actions?
If you sign the claim form you are buying the pig sight unseen and you will have no recourse because you signed your rights away! It is clear the special master is attempting do keep the leaseholders from going after some of the assets and others. It is also clear that his actions are not inline with his appointment. Furthermore the special master doesn't disclose how much of your money will be recovered. For all we know its pennies on the dollar!
If you are a leaseholder and have not joined with other leaseholders please go to (((ROR redacted))) more information to join.
Ernest
San Antonio, TX 78209
(((ROR redacted)))
Ernest
San Antonio,Texas,
U.S.A.
IPFUND1 filed for Resort Management Group LLC to be appointed as Special Master
#11Consumer Suggestion
Tue, October 28, 2008
IP FUND 1 INC. (Fund) moves the court to allow the Leaseholders, as Resort Management Group LLC, (RMG) to serve as a special master pursuant to 18 U.S.C. 3664(d)(6) to assist the court in the collection, administration and distribution of restitution to victims.
The Fund asks the Court to allow RMG to serve as a Special Master to protect all the leaseholders' vested interests. RMG's Mangers are leaseholders who have vested interests in recovering all the money Kelly defrauded from the leaseholders.
RMG would institute a claims verification procedure to quantify the losses
suffered by each victim, identify all assets available for liquidation and/or repatriation for the benefit of the victims if needed, and select an appropriate method and timetable to liquidate.
RMG may not need to repatriate available assets because of the costs associated with repatriation; they would oversee and accomplish the liquidation for the benefit of the victims, and apportion any available funds among the victims pursuant to orders of this court.
RMG would accomplish the liquidation including, as may be appropriate, the posting of public notices and distribution of claims verification forms to give a more complete identification of the victims eligible for restitution in this case.
RMG would form a Mexican Corporation to force the Mexican government to cooperate directly with the leaseholders under Mexican law. In order to conserve assets for the payment of restitution to victims, RMG will use all of the information from the investigations in the best interests of justice and the victims.
A full copy of this motion is on www.ipfund1.com
Ernest
San Antonio,Texas,
U.S.A.
IPFUND1 filed for Resort Management Group LLC to be appointed as Special Master
#11Consumer Suggestion
Tue, October 28, 2008
IP FUND 1 INC. (Fund) moves the court to allow the Leaseholders, as Resort Management Group LLC, (RMG) to serve as a special master pursuant to 18 U.S.C. 3664(d)(6) to assist the court in the collection, administration and distribution of restitution to victims.
The Fund asks the Court to allow RMG to serve as a Special Master to protect all the leaseholders' vested interests. RMG's Mangers are leaseholders who have vested interests in recovering all the money Kelly defrauded from the leaseholders.
RMG would institute a claims verification procedure to quantify the losses
suffered by each victim, identify all assets available for liquidation and/or repatriation for the benefit of the victims if needed, and select an appropriate method and timetable to liquidate.
RMG may not need to repatriate available assets because of the costs associated with repatriation; they would oversee and accomplish the liquidation for the benefit of the victims, and apportion any available funds among the victims pursuant to orders of this court.
RMG would accomplish the liquidation including, as may be appropriate, the posting of public notices and distribution of claims verification forms to give a more complete identification of the victims eligible for restitution in this case.
RMG would form a Mexican Corporation to force the Mexican government to cooperate directly with the leaseholders under Mexican law. In order to conserve assets for the payment of restitution to victims, RMG will use all of the information from the investigations in the best interests of justice and the victims.
A full copy of this motion is on www.ipfund1.com
Ernest
San Antonio,Texas,
U.S.A.
IPFUND1 filed for Resort Management Group LLC to be appointed as Special Master
#11Consumer Suggestion
Tue, October 28, 2008
IP FUND 1 INC. (Fund) moves the court to allow the Leaseholders, as Resort Management Group LLC, (RMG) to serve as a special master pursuant to 18 U.S.C. 3664(d)(6) to assist the court in the collection, administration and distribution of restitution to victims.
The Fund asks the Court to allow RMG to serve as a Special Master to protect all the leaseholders' vested interests. RMG's Mangers are leaseholders who have vested interests in recovering all the money Kelly defrauded from the leaseholders.
RMG would institute a claims verification procedure to quantify the losses
suffered by each victim, identify all assets available for liquidation and/or repatriation for the benefit of the victims if needed, and select an appropriate method and timetable to liquidate.
RMG may not need to repatriate available assets because of the costs associated with repatriation; they would oversee and accomplish the liquidation for the benefit of the victims, and apportion any available funds among the victims pursuant to orders of this court.
RMG would accomplish the liquidation including, as may be appropriate, the posting of public notices and distribution of claims verification forms to give a more complete identification of the victims eligible for restitution in this case.
RMG would form a Mexican Corporation to force the Mexican government to cooperate directly with the leaseholders under Mexican law. In order to conserve assets for the payment of restitution to victims, RMG will use all of the information from the investigations in the best interests of justice and the victims.
A full copy of this motion is on www.ipfund1.com
Ernest
San Antonio,Texas,
U.S.A.
IP Fund 1 Court issued Summons to 24 conspirators including TRUST COMPANY OF THE PACIFIC
#11Consumer Suggestion
Fri, May 09, 2008
The IP Fund 1 is the only Group of leaseholders taking action using the RICO laws. The Court has issued the Summons to the Consirtors Complaint against MICHAEL E. KELLY, LORI LEUTH KELLY, LORI KELLY LEVY, MICHAEL P. KELLY JR., DONALD KELLY, GWEN BEEM, LEONARD KELLY, MARK G. MEYER, BRANTLEY H. WRIGHT, JOHN CORWIN, RICK GREENE, ANTHONY J. CAMPANALE, GABRIEL ESCALANTE TORRES, ERIC MEYER, RESORT HOLDINGS INTERNATIONAL, INC., RESORT HOLDINGS INTERNATIONAL, S.A., YUCATAN RESORTS, INC., d/b/a YUCATAN RESORTS, S.A., YUCATAN RESORTS INTERNATIONAL, S.A. DE C.V., YUCATAN INVESTMENT CORP., AVALON RESORTS, S.A., WORLD PHANTASY TOURS, INC., d/b/a MAJESTY TRAVEL d/b/a VIAJES MAJESTY, GALAXY PROPERTIES MANAGEMENT, S.A., THE CAMELOT GROUP, INC., COMERCIALIZADORA VACACIONAL PANANMA, S.A., PUERTO CANCUN S.A., PANORAMA COMMUNITIES, S.A., TRUST COMPANY OF AMERICA, and TRUST COMPANY OF THE PACIFIC. A full copy of the complaint is posted @ www.ipfund1.com
Ernest
San Antonio,Texas,
U.S.A.
Best way for leaseholders to pursue their recovery
#11Consumer Suggestion
Wed, August 16, 2006
IP FUND 1
June 2006
Dear Lease Holder,
As some of you already know, Mike Kelly of RHI stopped paying the Lease Holders their rental income over a year ago and is attempting to buy back the leaseholders' leases for less than the full price paid. I do not want to alarm the Lease Holders, however, the leaseholders must take steps to protect their rights so that your money and your rental income can be fully recovered. This is why I am proposing the Lease Holders join with other leaseholders to remove the current management.
Regulators in at least six other states have taken formal action against one or
more of the following: Michael E. Kelly of South Bend, Indiana, Yucatan Resorts, Inc., Cancun, Mexico and South Bend, Indiana; Resort Holdings International, Inc., Cancun, Mexico and South Bend, Indiana; World Phantasy Tours, Inc., Panama. Kelly, Yucatan, Resort Holdings and World Phantasy. These states forced Kelly and his companies to pay back 100% of the money collected by Kelly's Universal Lease Program. However, Regulators failed to collect the leaseholders' rental income.
Mr. Kelly made many misrepresentations: Kelly represented to leaseholders that if
they left the rental income to accumulate; RHI would pay as high as 11% interest. In reality, RHI, Kelley, and his co-conspirators have wasted, secreted, and otherwise dissipated the lease purchasers' funds, revenues, and other assets acquired and held in connection with the sale of RHI. Though RHI has collected the sums of rental income due and credited the accumulated interest to the accounts, RHI has not paid the leaseholders their monthly rental income. RHI has also refused to release the accumulated rental accounts. Kelly and his co-conspirators are attempting to defraud the leaseholders by claiming that Galaxy and Majesty are separate from RHI, Kelly, and his co-conspirators. On that claim they escape liability by asking owners to seek the rental income from Galaxy/Majesty. However, Galaxy is not independent from RHI and is controlled by Kelly and Kelly also controls Majesty. As many as 80% of the leaseholders have not received a dime of their rental income, which could be as much as $200 million. RHI, Kelly, and his co-conspirators are running the classic shell game. When a leaseholder looks underneath the wrong shell the corporation's funds are gone and the leaseholders lose.
In the Arizona complaint on RHI and Kelly The National White Collar Crime
Center stated, "A detailed investigation revealed that investor funds were shuttled between numerous US-based financial institutions and later wired to undisclosed locales, including dozens of companies and individuals in Mexico." Classic Money Laundering!
What needs to be done and how should it be done? The IP Fund 1 intends to file a
complaint of fraud on behalf of its members, the Lease Holders, and to petition the court to allow the Lease Holders to remove Kelly along with RHI's current management and replace them with a committee of Lease Holders. They will oversee the operation and hire a new management team. They will determine what courses of action should be taken for the best interests of the Lease Holders. Even though there are no guarantees in any action, I believe this is the best way for leaseholders to pursue their recovery.
Very truly yours,
Ernest
Albert
Sparks,Nevada,
U.S.A.
Dave uebelt incorectly named
#11Author of original report
Fri, January 20, 2006
I am not sure Dave Iubelt personally had intended to steal my life savings, but as a financial advisor he certainly needed to reaearch this company further. I am in the process of trying to get ahold of Mr. Iubelt to assist me in retrieving my investment.
Albert
Sparks,Nevada,
U.S.A.
Dave uebelt incorectly named
#11Author of original report
Fri, January 20, 2006
I am not sure Dave Iubelt personally had intended to steal my life savings, but as a financial advisor he certainly needed to reaearch this company further. I am in the process of trying to get ahold of Mr. Iubelt to assist me in retrieving my investment.
Albert
Sparks,Nevada,
U.S.A.
Dave uebelt incorectly named
#11Author of original report
Fri, January 20, 2006
I am not sure Dave Iubelt personally had intended to steal my life savings, but as a financial advisor he certainly needed to reaearch this company further. I am in the process of trying to get ahold of Mr. Iubelt to assist me in retrieving my investment.
Albert
Sparks,Nevada,
U.S.A.
Dave uebelt incorectly named
#11Author of original report
Fri, January 20, 2006
I am not sure Dave Iubelt personally had intended to steal my life savings, but as a financial advisor he certainly needed to reaearch this company further. I am in the process of trying to get ahold of Mr. Iubelt to assist me in retrieving my investment.