The BBB of Greater East Tennessee is sending out an ALERT on this company. International Brokers Inc. has a pattern of complaints about advertising and contract issues. They have an “F” rating which is the lowest rating the BBB gives.
The address is a mailbox drop and they are not incorporated in Tennessee, according to state records.
They tell consumers that they have a buyer for their timeshare and ask for upfront fees. The company later does not respond to many calls, emails and letters to the company asking for the money that was supposedly put in escrow or the thousands of dollars they paid up-front.
A Wisconsin couple stated they had advertised their timeshare for sale for several years. International Brokers Incorporated who said they had a buyer for it contacted them. They signed a contract and were sent to Crown Title Transaction. They were told that the amount of $32,000.00 was put in an escrow. They were told to wire money to this account for things like membership fees, 5-year maintenance fees, 11% excess income tax, and commission fees. They stated that this was all to be paid back, but was the way they do things in Mexico. They were told that the account is now frozen and they cannot get their money back. They have sent over $11,000.
A New York consumer contacted the BBB stating this company called up to purchase their time share. After drawing up contracts and paperwork sent via email the company requested a wire transfer to a bank in Mexico supposedly because of Mexican government laws. They claimed to open a bank account in the sellers name for the transaction showing money held from the purchaser in escrow. They even send a bank statement from the bank. All this is fake. Mr. Edward Loo, with International Brokers was the contact person. Another company called Crown Title Transactions was used as an escrow account holder and the contact person was Alessandro Santino.
A Washington consumer stated that on Aug. 29, 2013 International Brokers Incorporated & Crown Title Transactions offered a rental proposal for his time-share property for eight weeks with a rental price of $3,050 per week. By Sept. 11, Crown Title Transaction opened an “Escrow Account” in his name, with the transfer fee to be reimbursed by the renter in the amount of $4,160 USD. He was required to pay IVA Tax @ 16% + Foreign Tax @ 13%: $4,636 USD, Disolucion & Liquidacion de Bienes (Mexican fees) of $3,690 USD, a lawyer’s fee of $2213.16 USD, and (excise) Income Taxes of $2441.16., totaling $17,912.32. He never heard back from them after paying these fees.
Typically, deceptive timeshare resellers claim to have ready buyers or renters who will pay top dollar to buy consumers’ timeshare properties, and they will trick consumers into dishing out hefty up-front fees. The resellers falsely claim that they can rent or sell consumers’ properties for a certain amount, although no buyers or renters are in place. Consumers ultimately end up losing hundreds or thousands of dollars in bogus closing costs and unsold properties. Many of these scammers also promise refunds to consumers, but most consumers never get their money back.
You may report internet fraud to the Internet Crime Complaint Center via their website http://www.ic3.gov