- Report: #219950
Complaint Review: Avalon Resorts Galaxy Properties Majesty Travel Michele Kelly - Mishawaka Indiana
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Avalon Resorts Galaxy Properties Majesty Travel Michele Kelly
Mishawaka, Indiana, U.S.A.
Phone:
866-444-8755
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Avalon Resorts, Galaxy Properties, Majesty Travel, Michele Kelly Took IRA money with promise of 11%return and stopped paying soon thereafter Ripoff Mishawaka Indiana
My in-laws were approached in Texas by a representative of Safe Estate Plans" from San Antonio and were advised to take about $200,000 in safe IRA money and transfer them into this scheme with a promise or 11% guaranteed return on their money. It involved buying time shares in resorts in Cancun, Mexico that were to be rented to tourists. However, the money was invested through a Trust Company in the US to qualify as an IRA.
It also involved two additional companies in Mexico, one to collect the rent and one to send the money to the custodian US company that would then forward it to them. It was all run by a company in Indiana owned by Michael Kelly that was incorporated in Panama.
Interest was paid for while, but at substantially less than 11%, claiming that he rest was being added to the principal to buy additional units, but in 2004, it slowed down with the excuse that a hurricane in Cancun had caused damage to the properties. In 2005, it stopped completely. Katrina was the excuse that time. They neglected to aknowledge the fact that their sales literature had said that all their properties were fully insured. Any attempt to contact them have been unsuccessful and The Trust Company (Trust Company of the Pacific) that handles the account in the US has not been especially helpful. Minimum distributions required by the IRS have not been sent.
I would like to make contact with other victims to see if we can take some action together.
Henry
Coffeyville, Kansas
U.S.A.
It also involved two additional companies in Mexico, one to collect the rent and one to send the money to the custodian US company that would then forward it to them. It was all run by a company in Indiana owned by Michael Kelly that was incorporated in Panama.
Interest was paid for while, but at substantially less than 11%, claiming that he rest was being added to the principal to buy additional units, but in 2004, it slowed down with the excuse that a hurricane in Cancun had caused damage to the properties. In 2005, it stopped completely. Katrina was the excuse that time. They neglected to aknowledge the fact that their sales literature had said that all their properties were fully insured. Any attempt to contact them have been unsuccessful and The Trust Company (Trust Company of the Pacific) that handles the account in the US has not been especially helpful. Minimum distributions required by the IRS have not been sent.
I would like to make contact with other victims to see if we can take some action together.
Henry
Coffeyville, Kansas
U.S.A.
