Telemarketers for Universal Marketing Solutions and Creative Vacation Solutions made cold calls to timeshare owners from black market lists, and then falsely promised that their company had buyers for timeshare properties. The con artist then demanded upfront fees of up to several thousand dollars from each victim, claiming the fees to be required closing costs that they promised would be refunded to the timeshare owner at closing. Despite collecting fees from more than twenty thousand victims, not a single timeshare was sold or transferred.
Folan faces a penalty of up to 25 years in prison and a fine of up to $250,000. His sentencing is scheduled for March 9, 2012.