Guilty plea in real estate scam case
ST. LOUIS (KTVI) – A North Carolina man faces up to 20 years in federal prison after pleading guilty for operating a real estate scam, U.S. Attorney Richard Callahan said Monday.
According to court documents, 43-year-old Hubolist Elliott and his company, Travel World Vacations Inc., offered investment opportunities in the form of vacation properties in Florida. From 2009 to 2014, Elliott collected more than $1 million in this scheme.
The properties being offered by Elliott either did not exist, or they were not available for Elliott to sell any interest in.
Elliott’s scheme snared investors from across the country, including one person from the St. Louis area.
Elliott pleaded guilty to one felony count of mail fraud. He’ll be sentenced May 29. In addition to prison, he faces a fine of up to $250,000.