Grimy Times has learned that a North Carolina man has been indicted on a federal charge of mail fraud in connection with a real estate investment scheme involving fractional interests in vacation properties.
HUBOLIST ELLIOTT, of Cary, North Carolina, was indicted by a federal grand jury on December 10, 2014, on one felony count of mail fraud.
The indictment alleges that between 2009 and 2014, ELLIOTT and his company, Travel World Vacations, Inc., offered investment opportunities in vacation properties in Florida.
Investors were typically told they would be purchasing a fraction of a property, but in reality, neither ELLIOTT nor Travel World Vacations, Inc. owned any interest in the properties.
In some cases, the properties did not even exist. The indictment alleges that ten or more investors, including one from the St. Louis area, lost over $1,000,000 in the scheme.
ELLIOTT was arrested on December 29, 2014 in North Carolina and made his first court appearance in the Eastern District of Missouri today.
If convicted, ELLIOTT faces up to 20 years in prison and/or fines up to $250,000.
The case was investigated by the Federal Bureau of Investigation and the U.S. Postal Inspection Service. United States Attorney Charles Birmingham is handling the case.
As is always the case, charges set forth in an indictment are merely accusations and do not constitute proof of guilt. Every defendant is presumed to be innocent unless and until proven guilty.
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Key Facts
- State: Missouri
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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