Man guilty in $30M time-share scam

A Florida man who scammed Minnesotans by claiming he had buyers for their time-share properties pleaded guilty last week to 13 counts of fraud, according to the U.S. attorney's office in southern Illinois. Steven Folan, 24, was a manager of Universal Marketing Solutions and Creative Vacation Solutions. Beginning in 2007, the companies contacted time-share owners across the country and in Canada and falsely stated that buyers had been found for their properties. Despite collecting fees of up to several thousand dollars from each of 22,000 victims, not one time share was sold. Altogether, $30 million was stolen. Folan faces up to 25 years in prison and a fine of up to $250,000. Three co-conspirators also have pleaded guilty to criminal charges.