U.S hits Mexican accountants and firms with sanctions for timeshare scams that support drug cartel

The U.S. has imposed sanctions on three Mexican accountants and four firms allegedly linked to a timeshare fraud ring run by the Jalisco New Generation drug cartel. In addition, Treasury and the FBI issued a notice Tuesday to banks with a reminder to be vigilant in detecting and reporting timeshare fraud perpetrated by Mexico-based transnational criminal organizations. Time share fraud targeting Americans results in tens of millions of dollars in losses annually. In 2022, the FBI’s Internet Crime Complaint Center received over 600 complaints with losses of roughly $39.6 million from victims contacted by scammers regarding timeshares owned in Mexico.