Tenerife Linked to £28 Million UK Timeshare Scam Targeting Elderly Victims

A £28 million timeshare fraud that exploited more than 3,500 victims across the UK, including several in Tenerife, has been exposed, leading to multiple convictions. This extensive scam has raised significant concerns about the vulnerability of elderly individuals in financial schemes, particularly those involving timeshares.

Details of the Scam

The elaborate scam, run under the ‘Sell My Timeshare’ brand, was described by prosecutors as one of the largest and most ruthless of its kind. The scheme was masterminded by Mark and Nicola Rowe, both 54, from Hampshire, who used the proceeds to fund a lavish lifestyle that included luxury cars, expensive vacations, and high-end home renovations.

Victims, many in their 70s and 80s, were persuaded to exchange their holiday homes for so-called “Monster Credits” — worthless vouchers that promised discounts and investment returns that never materialized. Among those caught up in the fraud were several residents and sales staff based in Costa Adeje in the south of Tenerife, where high-pressure meetings were held to convince timeshare owners to part with their money. The Rowes and their accomplices created an environment of urgency and fear, making it difficult for victims to think clearly about the decisions they were making.

Impact on Victims

Victims were left devastated, with many losing their life savings and facing delayed retirements. “It felt like a kick in the guts,” said Des, a 73-year-old from London who lost £14,000 trying to sell his family’s Tenerife timeshare. “They’re scum — living a life of luxury from other people’s misery.” This sentiment resonates with many others who found themselves in similar situations, feeling betrayed and exploited by individuals they trusted.

The investigation, led by the South West Regional Organised Crime Unit (SWROCU), revealed that Rowe and his wife channeled around £8 million into personal accounts, spending lavishly on art, home renovations, and private jet hire. The sheer scale of the fraud and the lifestyle it funded starkly contrasts with the financial ruin experienced by the victims, many of whom are now struggling to make ends meet.

In addition to the financial losses, the emotional toll on victims has been profound. Many reported feelings of shame and embarrassment for having fallen for the scam, which further compounded their distress. The psychological impact of such fraud can be long-lasting, affecting not only the victims but also their families and communities.

Legal Consequences

Mark Rowe was sentenced to seven and a half years in prison, while Nicola received a two-year suspended sentence for money laundering. Twelve others were also convicted, including several Tenerife-based accomplices who played crucial roles in the operation. The legal proceedings highlighted the extensive network of individuals involved in the scam, showcasing how far-reaching and organized the fraud had become.

Investigators noted that the fraudsters used professional-looking brochures, adverts, and virtual offices to appear credible. “They preyed on vulnerability and trust,” said Gayle Ramsay of the Crown Prosecution Service. “Many victims died before seeing justice.” This statement underscores the tragic reality that some victims never had the opportunity to see the perpetrators held accountable for their actions.

The case serves as a stark warning to timeshare owners and holiday property investors to beware of offers promising quick sales or investment returns. It emphasizes the importance of conducting thorough research and seeking independent advice before making any financial commitments, especially for those who may be more susceptible to high-pressure sales tactics.

Key Points

• A £28 million timeshare fraud affected over 3,500 victims in the UK, including some in Tenerife.
• The scam was run by Mark and Nicola Rowe from Hampshire.
• Victims were misled into exchanging their properties for worthless “Monster Credits.”
• Many victims were elderly, losing life savings and facing financial hardship.
• Mark Rowe received a seven and a half year prison sentence; Nicola Rowe received a two-year suspended sentence.
• The investigation was conducted by the South West Regional Organised Crime Unit.