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DAYTONA BEACH: Who is Brian Fuller and why does he run so many businesses out of his apartment and why was it so time-consuming to track those businesses down and why am I getting complaints about them?
The company that I’ve been hearing about the most is Goodbye Timeshare, with a domain name registered to Fuller at 100 Seabreeze Blvd. Ste 130, Daytona Beach, FL. That is the address for The Overlook at Daytona Apartments (formerly Diplomatic Towers Apartments), and all the corporations and domain names for his businesses enjoy the same address (Sunstate Investments Realty Inc., Plus Point LLC and Palm Sales & Marketing).
Not that there’s anything wrong with working out of a home office, especially if you’re in real estate; thousands, maybe millions of people do the same. But it does get curious with Fuller’s businesses.
There is currently no website for Goodbye Timeshare, but sleuth long enough and eventually you’ll find this:
Sunstate Timeshare [yet another name] is a division of Sunstate Investments Realty Inc. in Daytona Beach, Florida. We handle residential and commercial real estate sales as well as secondary market timeshares. As a full service real estate company, we are a member of the local real estate association, the multiple listing service, and are regulated by the State of Florida.
Our goal is to provide a legitimate marketplace for both buyers and sellers of Secondary Market Timeshares through honest evaluation and genuine marketing of properties. http://www.sunstatetimeshare.com/
There are companies that can legally get the property out of your name. We have a local company called Goodbye Timeshare. They are affiliated with a law firm and a title company that have been in Daytona for over 20 years. They are legitimate. Their website can be found at www.bonvoyagetimeshare.com
AHA! So we finally discover that Goodbye Timeshare is Bon Voyage Timeshare (yet ANOTHER) name, and what do they do? Why, it’s a timeshare transfer company!
Bon Voyage Timeshare is owned and operated by Plus Pointe LLC located in the state of Florida. We don’t hide behind websites. We are headquartered at 100 Seabreeze Blvd. Ste. 130 Daytona Beach, FL 32118 [there's that address again]. You can always feel free to call us for any questions about your timeshare. We work with resorts, travel clubs, and individuals who no longer want their timeshare. For an all inclusive processing fee of $849 plus any resort title transfer fee we will find an individual, corporation, or charity who will put the resort in their name. You will no longer be responsible for any maintenance fees or special assessments. We realize there are some websites who claim to do this for free, but sooner or later you will be billed because most attorneys and courthouse title transfers aren’t free. So we will tell you upfront there is a one time total processing fee which completely covers all attorney, courthouse, and recording fees. Also be aware that the resort itself may charge an additional title transfer fee. If there is one we will find this out and notify you. Call us today, the sooner you get started, the sooner you can say Bon Voyage, Timeshare! call today 386-xxx-xxxx
Whew! It took me nearly two hours to get there! And I hear that Palm Sales & Marketing is involved as well.
Anyhow, the complaints I’m hearing about involve alleged promises to relieve timeshare owners of their maintenance fees by renting their weeks— for a fee. Only the rentals allegedly never happen. AND there are accusations that the money timeshare owners pay to have their weeks transferred to someone else is wasted, since the transfer never takes place and Mr. Fuller (who is a Broker for Sunstate Investments Realty) is very difficult to get ahold of once the money is sent.
Now, that last bit sounds like it shouldn’t be so difficult, as long as you live close enough to The Overlook at Daytona Apartments to pay him a personal visit. Assuming that IS his apartment.
Another name associated with this enterprise, by the way, is one BeBe Daverne who is the registered agent for Goodbye Timeshare LLC.
Anyhow, is this a legit enterprise/startup or just another scam in the making? It’s got me scratching my head.
MIAMI: Shades of the infamous Michael Kelly Ponzi scam, and it’s about time! I’m talking about more than $300 million raised from nearly 1,400 investors nationwide through a network of hundreds of sales agents, marketing seminars, and podcasts that touted the profitability of purchasing units at Cay Clubs Resorts & Marinas locations. And when the scheme went bust in 2008, at least two of the principals headed off to the Cayman Islands where they have continued to spend their ill-gotten gains and live in luxury.
Though the scam was perpetrated throughout Florida and in Las Vegas beginning in 2004, it was the Miami Regional Office of the U.S. Securities and Exchange Commission (SEC) that finally investigated the company, leading to charges finally being filed in January 2013 in U.S. District Court for the Southern District of Florida against the following former Cay Clubs executives:
- Fred Davis Clark, Jr. – president and CEO
- David W. Schwarz – chief accounting officer
- Cristal R. Coleman – manager and sales agent
- Barry J. Graham – sales director
- Ricky Lynn Stokes – sales director
According to the SEC’s complaint, investors were promised immediate income from a guaranteed 15 percent return and a future income stream through a rental program that Cay Clubs managed. But instead of using investor funds to develop resort properties and units, the Cay Clubs executives used new investor deposits to pay leaseback returns to earlier investors. Meanwhile they paid themselves exorbitant salaries and commissions totaling more than $30 million, and investor funds also were misused to buy airplanes and boats. While still advertising itself as a profitable venture, Cay Clubs eventually abandoned its operations. Many investors’ properties went into foreclosure.
“These Cay Clubs executives lined their pockets with millions of dollars that they told investors would be used to develop five-star resort properties,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office. “They continued to defraud investors as Cay Clubs collapsed.”
Clark, Coleman, and Schwarz stand accused of misappropriating millions of dollars in investor funds using the multitude of bank accounts they controlled. Besides purchasing airplanes and boats, they misused investor money for unrelated business ventures including investments in precious metals and a liquor distillery that produced Pirate’s Choice Rum. After Cay Clubs abandoned its operations in 2008, Clark and Coleman (who are now husband and wife) moved to the Cayman Islands and continued to dissipate assets and funnel at least $2 million to offshore accounts.
The SEC’s complaint seeks financial penalties from Clark, Coleman, and Stokes and the disgorgement of ill-gotten gains plus prejudgment interest by all five executives. The complaint also seeks injunctive relief to enjoin them from future violations of the federal securities laws as well as an accounting and an order to repatriate investor assets.
So that’s the SEC’s part of the deal. There is also a boatload of lawsuits against the company, its principals, sales people, affiliates and so on (you can find out more about that by googling or binging “cay clubs”).
But what I’m wondering is whether or not Federal or State law enforcement have been investigating and if criminal charges will be filed against any of the perpetrators, as happened in Michael Kelly’s case. In my opinion, those folks need some time in stir to reflect on their sins…
You can get more details here: SEC Charges 5 Former Cay Clubs Executives In $300 Million Ponzi Scheme And/or view the actual PDF complaint at the SEC’s website here.
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