The U.S. Treasury Department has sanctioned Puerto Vallarta tourism entrepreneur Michael Ibarra Díaz Jr., 13 associated companies, and three cartel-linked operators for their roles in a large-scale timeshare scam targeting mostly elderly U.S. citizens.
Also named were Julio César Montero Pinzón, Carlos Andrés Rivera Varela, and Francisco Javier Gudiño Haro, previously identified as regional leaders of the criminal group.
According to the Office of Foreign Assets Control (OFAC), Ibarra maintained the image of a legitimate businessman while working with the cartel. For over 20 years, he was involved in selling and managing timeshares in Puerto Vallarta and northern Nayarit, using his accounting expertise to integrate into the group’s financial network.
Sanctioned companies, including Akali Realtors, Sunmex Travel, Santamaria Cruise, and Fishing Are Us, allegedly laundered funds and facilitated fraud. The sanctions freeze U.S.-based assets and prohibit transactions with U.S. persons or institutions.
The scheme, run by the cartel since 2012, relied on insider resort data to contact timeshare owners. Scammers posed as lawyers or brokers offering to buy or rent properties in exchange for advance fees, which were never refunded. Some victims were later “re-victimized” by fraudsters posing as authorities demanding additional payments for fake fines.
Between 2019 and 2023, the FBI logged about 6,000 victims and nearly $300 million in losses. In the past six months alone, authorities documented 250 reports and 1,300 suspicious transactions worth $23.1 million. The average loss per victim was $28,912 — over half a million pesos.