http://www.sec.gov/news/press/2007/2007-172.htm They seem to be targeting seniors, but I'd imagine others also fall prey to this. Michelle
WOW!!!. . .I wonder what places in Cancún were involved? Sad part of all this is this lawsuit will be tied up for years. More than likely, no one will ever be punished or serve a day in jail. Even if they're guilty, they'll just declare bankruptcy so no money will ever be returned. Sad, too, is how people allow greed to cloud their judgement with regard to investing money.
I couldn't find out what places in Cancun were involved.....that was my first question after I read the article. If they loose the suit and they loose on the fraudulent counts of the suit, they won't be able to discharge the debt due to the fraud. Michelle
That's the Michael Kelly case that has been going on for some time. He is the owner of the Avalon resorts, The City nightclub, the supposed Avanti car plant and a few other ventures. He's a pretty famous fraud artist around here.
I recall one lady a few years back went to the Avalon and said she got ripped off and she was posting on all the cancun boards about it. Thanks for the additional information, at least I now know not to patronize those places... Michelle
From what I've last seen on this, Michael Kelly Sr. awaits trial in Chicago, while under Federal Custody in the US, for his role as the lead player in the investment scam. It is also my understanding, that Kelly was denied bail by the US Courts for being a risk of flight and his passport was confiscated by the Courts. Kelly was originally apprehended in Florida, by the FBI, after entering the US, and receiving treatment of a heart condition at the Mayo Clinic in Jacksonville. His companies are currently being operated, based on reports, by his son in Cancun. The Avalon Resort on Isla Mujeres has had labor relations problems since Kelly's arrest as has another resort on the west coast of Mexico, I believe in Acapulco. Kelly was/is a major player in the expansive new Puerto Cancun Project, his interests, now apparently being fronted by his son. Upon his arrest in the US, the Mexico Development Agency responsible for Puerto Cancun issued a press release attempting to assure investors of the projects viability. Kelly is not the only investor in the project. While there's no doubt of the seriousness of the alleged charges and the likelihood of the trials outcome, IMHO, and this by no means is a defense of Kelly, his companies or the other people that assisted in this massive fraud, it's not for nothing that many of these fraudulent schemes involved people investing money in something that was "a too good to be true" type investment but yet they went ahead and did it anyway whether it be for lack of education, salesmanship and/ or their own greed. Below, for those interested is a list of Kelly Companies, in and outside Cancun, where at the time he held whole, partial, associate interests as per reports, many involved with the current charges against Kelly; Yucatan Resorts S.A. Yucatan Resorts, Inc. Yucatan Investment S.A. Yucatan Leases Yucatan Investment Corp Yucatan Nine Month Note Yucatan Properties, S.A. DE C.V. Azzurriccio, S.A. DE C.V. Resort Holdings International Puerto Cancun Avalon Baccara Avalon Bay Hotel Majesty Travel Avalon Resorts Avalon Reef Club Avalon Vacations Avalon Excalibur Alcapulco Avalon Grand Panama Avalon Grand Hotel Hotel Baccara World Phantasy Resorts, Inc World Phantasy Tours Majesty Travel Fantasy Travel Fantasy Tours Galaxy Property Management Galaxy Properties Management, S.A. Viajes Majesty The City (Cancun) Avanti Motor Corp. Corporativo Nolo, S.A. Operadora Hoteles Grand S.A. Josefine's Clubs (brothel and strip club chain in Panama) Club Baccara Universal Lease Servicing Agreement Universal Lease Program Groupo Kelly Cancun Golf Club at Pok ta Pok Zipp Rent-A-Car Panorama Communities, S.A. DMK Properties, LLC I've done a bit of smuggling, I've run my share of grass. I made enough money to buy Miami, but I piss it away so fast... :cdncat:
Dangers. . .I didn't know you were a Buffettphile. Me, too. . .especially before the apostasy. My favorite being Coast of Marseille. . .what a FUN song to play on the guitar as it has a sweet little chord progression. Every time I hear someone mention hurricane this time of year I think of "squalls out on the gulf stream, big storms coming soon, I passed out in my hammock, god I slept till way past noon, stood up and tried to focus, I hoped I wouldn't have to look far, I knew I could use a Bloody Mary, so I stumbled next door to the bar"
Some info on Kelly's case can be found here: http://www.lesliestipek.com/michaelekelly.asp The PDFs for "Defendants Motion For Release On Bail Pending Trial" are quite interesting. More here: http://en.wikipedia.org/wiki/Michael_Eugene_Kelly
