SANTA ANA, Calif.—Four Southern California men were arrested on May 26 for allegedly defrauding dozens of timeshare owners—many of whom were elderly—out of more than $5 million by lying and using “boiler room tactics.”
The four men arrested are Michael McDonagh, 41, of Long Beach, Antonio Duarte, 42, of Corona, Christopher James Vannoy, 32, of Norwalk, and Ruben Ortiz, 40, of Long Beach.
Authorities are still searching for Frank Anthony Molina, 43, of San Pedro, the fifth defendant named in the indictment.
The defendants allegedly posed as telemarketers promising the timeshare owners financial relief for their property.
McDonagh, named as the ringleader of the scheme, controlled telemarketing companies that hire callers to contact timeshare owners and offer help terminating their timeshare interests for a fixed fee from 2015 to 2019, authorities said….