A West Palm Beach man pleaded guilty Monday afternoon to defrauding timeshare owners out of millions of dollars.
Federal prosecutors said Michael Ferrari, 27, was one of seven International Resort Solutions boiler room managers to plead guilty to conspiracy to commit mail fraud.
Prosecutors allege that telemarketers contacted more than 2,000 victims and collected more than $3 million in advance fees for timeshare marketing and sales services that were never provided.
Ferrari, as manager of one of the Palm Beach County boiler rooms, was responsible for overseeing the day-to-day operations of the telemarketers.
Prosecutors said the telemarketers would make false and misleading representations to the timeshare owners. Among the claims were that the company had buyers for their timeshares, a scheduled closing date and would actively market their timeshares to potential buyers.
Ferrari is scheduled to be sentenced in July.
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