NJ Guilty Plea in Alleged Time Share Scheme

A South Carolina man has pleaded guilty in New Jersey in what federal prosecutors say was a fraudulent scheme to prey on elderly time share owners.

Brian Corley pleaded guilty Thursday in federal court in Camden, N.J., to mail and wire fraud-related counts.

Prosecutors say the 28-year-old resident of Little River, S.C., was a former employee in the New Jersey offices of the Vacation Ownership Group LLC.

Corley was among ten people charged in what prosecutors say was a $3 million mail and wire fraud conspiracy involving time share mortgages.

Prosecutors say the individuals persuaded at least 225 owners that they could pay off their mortgage balances at reduced rates by mailing payments to the New Jersey-based company. They then allegedly used owners' signatures to purchase additional time shares.

(Copyright 2013 by The Associated Press. All Rights Reserved.)