Chapman & Associates, LLC Commencing Proceedings on Behalf of Victims of the Resort Holdings / Universal Lease Fraud

In December 2006, the FBI arrested Resort Holdings and Yucatan Resorts owner Michael Eugene Kelly. He was charged with orchestrating a massive nationwide fraud estimated at about $400 million, with hundreds of victims. The victims, many of them senior citizens, were sold "Universal Lease Programs" that were supposed to give them a timeshare in one of Kelly's hotels and provide return payments of 9-11% annually.

In reality, the Universal Lease Programs were instruments of a Ponzi Scheme. Mr. Kelly used the investors' money to finance lavish lifestyle that included mansions in Cancun, luxury yachts, sports cars and a private jet.

Securities regulators in several states have filed Cease and Desist Orders against Michael E. Kelly and his companies, Resort Holdings and Yucatan Resorts.

To market his scam, Kelly enlisted the help of financial professionals throughout the United States. By using newspaper ads and the word of mouth, such agents lured many victims with the promise of high, "guaranteed" returns, and convinced them to invest in Kelly's Universal Leases.

One of Mike Kelly's agents was Steven Homewood, a former insurance agent. Homewood marketed Kelly's Universal Leases to numerous Illinois investors in the Chicago area. Homewood targeted especially senior citizens and ran ads in retiree magazines, offering "guaranteed" investments with rates of return between 9-11%. Many of the victims invested their life savings and IRAs in the fraudulent timeshares.

After extensive investigation, Chapman & Associates, LLC has commenced proceedings on behalf of investors who purchased Universal Leases in Yucatan Resorts and/or Resort Holdings, to help them recover their losses.

If you were sold Universal Leases / timeshares in Resort Holdings, Yucatan Resorts, or any other of Mike Kelly's companies, contact us at the toll-free number 1-866-220-3300, or by email at jchapman@jscltd.com. If the agent who sold you Universal Leases was Steve Homewood, contact us immediately.