Diamond Resorts "Stock Buyback" scam

[TUGBrian]

as always folks, regardless of how creative or enticing the pitch is, anyone asking you to send money upfront is a scammer!

Port Orange man warns others after falling victim to $100,000 scheme

Bob Hovan, 77, of Port Orange, is sharing a painful lesson after losing more than $100,000 in a complex scheme involving a fraudulent stock buyback.

www.clickorlando.com

 

[dioxide45]

$60,000 to sell something you don't even know you own? They say that even the smartest people can be scammed, but I am not sure about this one here. Classic pig butchering scam.

 

[T_R_Oglodyte]

A few days ago I had a voice mail message on this very same scam.

 

[vacation911]

Upfront fee.... Thats the giveaway.

Once these scammers got him to pay once, they kept going to the same well. Fool me once, shame on you; fool me twice, shame on me! That goes for fool me three times ect.

It amazes me that the upfront fee scammers, can hit the same people so many times, and many people fall for the upfront fee scam on multiple occasions from multiple scammers, or even the same ones over and over.

 

[pedro47]

as always folks, regardless of how creative or enticing the pitch is, anyone asking you to send money upfront is a scammer!

Port Orange man warns others after falling victim to $100,000 scheme

Bob Hovan, 77, of Port Orange, is sharing a painful lesson after losing more than $100,000 in a complex scheme involving a fraudulent stock buyback.

www.clickorlando.com

Stupid, why did not this person used a stock brokage. That should have been the first warning sign.

 

[RX8]

If only people would just stop falling for the scam. I know the scammers are persuasive and have documents that appear to be legit but people need to be accountable for themselves.

This appears to be the very same scammers who cold call and state they have a buyer for your timeshare at a ridiculously high price but only before a tax or fee is paid. Then another, then another. This scam is the same except instead of a buyer they have come up with a stock buyback. Al the rest is the same

Unfortunately, the victim got wise too late. His quote below.

“Really, you should be cautious when somebody solicits to you without you contacting them first,” he warned.

 

[SmithOp]

Greed makes people do stupid stuff.

 

[pedro47]

The greed of making more money on a simple investment make a fool out of a stupid person. IMHO

 

[dougp26364]

People just aren’t very smart anymore. I was getting on an elevator and a couple asked me if it went to the 6th floor. I almost told them no, you have to take the stairs to the 6th floor.
I really wish I was joking about this

 

[SmithOp]

I noticed that the HGVC web site has a warning about this stock buyback scam, posted Dec 23rd.

HGV STOCK SCHEME: HGV is aware of groups using our name to obtain Members’ personal details through an HGV stock buyback scam. HGV will never contact you directly or through third parties to purchase or repurchase shares. If you get a suspicious offer, report it to privacy.matters@hgvc.com.

 

[TUGBrian]

hopefully diamond owners also got the email hilton sent to hgvc owners!

HGV email warning about the stock buy back scam

We have recently seen some threads about the stock buy back scam, which appears to be a variation of the “We have a buyer but you need to wire money first” scam. This scam is likely run by those same scammers, which many believe are run by the Mexican cartels. HGV recently sent out an email...

tugbbs.com

 

[geist1223]

We own DRI. We got the email.

 

[dblund]

To those suggesting the gentleman is either greedy or stupid, please note that the man's wife is in hospice care. Living with this stress alone (and we don't know what all pressures he is under) could easily leave a person more likely to suffer a lack of judgement when approached with a very professionally produced scam promising help that he may desperately need. If you haven't walked in his shoes, I would ask you not be quick to judge the victim. Leeches like these scammers love to prey on people who aren't on the top of their game. To the gentleman I offer my sympathy for his losses, and my thanks for his telling his story in an attempt to help others.

DB

 

[pedro47]

In reading your post, this individual was taken advantage of by the scammers. Thanks for your information.

Dealing with Hospices is not easy. I have walked in this individual shoes now; six times in the passed ten years. Good night.

 

[Evitaestafas]

For those who have commented, the scam started since at least November 2023 as can be seen on Youtube. I don't know if the HGV warning existed at that time.

It's easy to fall victim to scams, especially when opportunities are given to scammers. This risk should not be downplayed, especially for the elderly, who are more vulnerable. Recognizing this risk, in July 2024, FinCEN emphasized that banks should undertake preventive measures and suspend/report suspicious operations, particularly in timeshare negotiations. However, these controls seem insufficient. Effective prevention is challenging, especially without a steady flow of information.

Banks' preventive measures alone are not enough to avoid scams. More comprehensive real-time information is needed to reduce scam risks, allowing potential victims to act before it's too late.

This forum and this online community is a good example of the initiatives that can prevent scams.