North Carolina Man Bilked Investors out of $1 Million in Real Estate Scam
A North Carolina man, Hubolist Elliott, admitted in a federal court Feb. 23 to a real estate scam costing investors more than $1 million between 2009 and 2014, prosecutors have said.
Elliott, a 43-year-old resident of Cary, offered vacation properties in Florida through the company Travel World Vacations Inc.
But sometimes the properties in question were owned by neither Elliott nor his company, or simply didn’t exist at all.
Most of the transactions, which were conducted with at least 10 people from all over the country, involved fractional ownership. (Fractional ownership is a concept similar to timeshares, with which most laypeople are probably more familiar; in fractional ownership, investors purchase part of the title to a property, as opposed to units of time.)
Elliott has pleade...