I was approached by my insurance man who introduced me to his friend who was a retirement planning specialist in Las Vegas, NV (where I was living at the time in 2002).
My IRA proceeds were also invested with this same insurance man. He convinced me that I should invest my IRA funds with this retirement specialist who had an excellent investment in Yucatan Resorts Universal Lease Program in Cancun, Mexico, which they would rent out for me and pay 11% on my money.
I invested my IRA funds in the amount of $20,510. I was very ignorant of investments, in fact did not have any investments at all, and naively trusted my insurance man who I'd done business with for years.
I was fearful of losing my only retirement funds but was told I could liquidate my funds in 2 years and get my investment back, along with interest earned. (The contract was up for renewal in 2 years.) When I attempted to liquidate, I was thwarted at every turn, even though I followed their guidelines to the letter.
I was told that the company had the first right of refusal to purchase my leasehold interest. That a buyer would have to be found to purchase my lease in order to pay me my money back. I was told they would 'sell' my lease for me for up to a 20% commission to the seller.
I placed numerous calls to my insurance man, his retirement specialist, the many different entities who are involved in this scheme, I fax'd letters, sent emails, sent letters, and in general did everything that was 'required' of me to get my money back.
Most of the time, I received no response at all! When I was able to finally speak to someone, I was put off with stupid excuses of just be patient, that the money was coming, they're doing all they can do, etc.
The folks at Resort Holdings were extremely rude and would give me no info. I was consistently referred to one of the other entitied involved in this scam, that whoever I was speaking with did not handle that.
I received periodic statements regarding my 'investment' and was told my 'investment' had earned me almost $7,000 in interest. I have been attempting to at least get that back from the custodian, Trust Co. of America, to no avail thus far.
I have been contacted by the State of CT/Department of Banking/Securities in regard to Resort Holdings International and have filed a complaint with them. (I moved from NV to CT) I will also be filing a complaint in NV. Additionally, I am in the process of consulting an attorney.
I have become aware that this is apparently a Ponzi Scheme and is also in PA, SC, IN, Mexico, Panama, AZ. Michael Eugene Kelly and his son, Michael Kelly, Jr. are the perpertrators.
Further info: Here's the only website I could locate on my documentation: www.yucatanresorts.com; I noticed that Resort Holdings International has a new address: 2533 No. Carson Street, Suite 4149, Carson City, NV 89706.
New York, New York