Court Approves FTC Nomination Of Burt Wiand As Receiver For Timeshare Resale Scam

8/1/2011

On July 12, 2011, the United States District Court for the Middle District of Florida appointed Burton W. Wiand as temporary Receiver for Orlando-based National Solutions LLC, Landmark Marketing LLC, Red Solutions LLC, Enterprise America, LLC, Investment Group of Florida, LLC, and Multiglobe LLC.  The appointment arose out a civil action that the Federal Trade Commission brought against those entities and seven individual defendants.  The FTC alleged that the entities were involved in a “timeshare resale” scam that defrauded consumers out of at least $5.7 million over the last four years.  According to the FTC, the defendants employed telemarketers to call individuals who were attempting to sell their timeshares.  The telemarketers would tell the sellers that they identified a buyer interested in purchasing the seller’s property, but the seller would first have to pay fees of hundreds or thousands of dollars for purported sales-related costs.  The telemarketers promised that the money would be refunded at closing.  Desperate to sell their costly timeshares in an extremely adverse market, many sellers believed the telemarketers’ promises and paid the fees.  There were no buyers, however, and the money was never refunded.

Mr. Wiand has served state and federal courts as Receiver on multiple occasions.  In 2008, the United States District Court for the Middle District of Florida appointed Mr. Wiand as Receiver in FTC v. Mortgage Foreclosure Solutions et al., Case No. 8:08-cv-388-T-23EAJ, at the request of the Federal Trade Commission.  In addition, Mr. Wiand served as Receiver in S.E.C. v. HKW Trading, LLC et al., Case No. 8:05-cv-1076-T-24TBM, a multimillion dollar fraud case brought by the Securities and Exchange Commission against Howard Waxenberg in connection with Mr. Waxenberg’s operation of a Ponzi scheme.  Mr. Wiand is currently serving as Receiver in $400 million Ponzi scheme case, S.E.C. v. Arthur Nadel et al., Case No. 8:09-cv-87-T-26TBM, in which Arthur Nadel operated a fraudulent scheme through which investors in Mr. Nadel’s hedge funds lost millions of dollars.

Mr. Wiand is a founder of Tampa-based Wiand Guerra King PL, which focuses on complex commercial disputes, securities litigation, regulatory matters, and white collar defense.  Wiand Guerra King was formed in 2009 when several of the members moved from one of the largest and most highly-regarded firms in Florida. Wiand Guerra King’s attorneys have over a century of combined experience in regulatory proceedings, civil and white-collar criminal litigation, and arbitration. Several of the firm’s lawyers hailed from senior levels of the SEC’s Division of Enforcement, from one of the nation’s top financial services firm, and from leading national and international law firms.  Many of the firm’s attorneys have practiced together in one form or another since 1994.

For more information, please contact Burt at bwiand@wiandlaw.com.