Time Share Settlement
The state recently reached a settlement with a Milwaukee man who was buying time shares from owners and deeding them over to dummy corporations. Frank Frassetto of the state’s Department of Agriculture, Trade and Consumer Protection says time shares aren’t the hot commodity they used to be and this man found a way to take advantage of eager sellers. He says he would deed them over to the fake companies, but wasn’t paying for the maintenance fees on those time shares. Frassetto says a settlement was reached last month. He says the $145,000 settlement included $32,000 which went to 14 affected consumers and $30,000 went to seven time share associations. The remainder of that settlement with Uri Fried and his businesses included $60,000 in fines and forfeitures and $23,000 to reimburse the state for its costs.