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Man Sentenced for Timeshare Mortgage Fraud Scheme

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    NEWSLETTERS

    Federal prosecutors say a former employee of a New Jersey company must pay more than $3 million in restitution for his role in a timeshare mortgage fraud scheme.

    Eric Reilly of Galloway also received a three-year prison term when he was sentenced Friday.

    The 34-year-old Reilly had pleaded guilty to conspiracy to commit mail and wire fraud, charges which stemmed from his work at The Vacation Ownership Group LLC.

    Prosecutors say company managers trained Reilly to regularly lie to customers.

    He gave customers the false impression that he worked for a developer of timeshare resorts, then falsely told them the Vacation Ownership Group could pay off their timeshares or have them cancelled.

    Reilly also falsely told some customers their credit wouldn't be damaged if they stopped paying for their timeshares.