Combined charges include 168 criminal counts of fraud for amounts over $5,000 plus 24 Fair Trading Act charges of misleading or deceiving consumers, misrepresenting a consumer’s rights, remedies or obligations, and using exaggeration, innuendo or ambiguity of material fact in a consumer transaction.
The Calgary Sun is reporting that timeshare buyers signed contracts which stated that the physical resort facilities were held in trust, which should have protected consumers in the event that the businesses were declared insolvent. When Chateau World Vacations dissolved, lenders foreclosed on Chateau Canmore Resort and Banff Gate Mountain Lodge and Spa- effectively making the properties inaccessible to the individual timeshare owners.
The report goes on to state that of the 59 buyers who filed official complaints, the total combined loss exceeded $1million. The accused individuals, Muran and Schram, are scheduled to appear in a Calgary courtroom on Thursday.