SEC Finally Goes After World Phantasy Tours For Securities Scam

CHICAGO (CN) – The **SEC has joined the long list of plaintiffs who claim **Michael Kelly and World Phantasy Tours targeted elderly Americans in a $310 million securities scam based on “universal leases” on time shares in Cancun, Mexico.Kelly, the chief architect of the massive fraud, paid more than $72 million of his ill-gotten gains to other defendants, who pushed the unregistered securities, the SEC claims. He also lied about all this and transferred money overseas to duck regulators, the SEC claims. Here is a link to its filing in Federal Court.