Williamsburg man sentenced for timeshare fraud

NEWPORT NEWS, Va. (WVEC) -- A Williamsburg man was sentenced to 74 months in prison and must pay restitution for his participation in a timeshare scheme.

Keith D. Kosco, 57, was sentenced Monday for conspiracy to commit mail and wire fraud, aggravated identity theft and engaging in monetary transactions in property derived from specified unlawful activity.

Additionally, Kosco was ordered to pay restitution, jointly with his co-defendant, Julie Duffield, in excess of $740,000.

Kosco was indicted by a federal grand jury on November 17, 2014, and pled guilty on March 17.

Kosco owned and operated several entities involved in travel, tourism and timeshare businesses.

U.S. Attorney Dana J. Boente says Kosco and his employees fraudulently transferred more than 1,000 timeshare units to stolen identities and straw buyers. They collected fees from the properties' original owners to conduct the transfers.

Boente says resorts lost more than $800,000 in unpaid taxes and maintenance fees for the timeshare units.

Julie Duffield pled guilty on January 12 to conspiracy to commit mail and wire fraud. On May 5, she was sentenced to 26 months in prison and ordered to pay restitution, jointly with Kosco, in excess of $740,000.

In a related case, Brendan Hawkins pled guilty on December 22, 2014, to conspiracy to commit mail fraud and on April 29, he was sentenced to 46 months in prison and ordered to pay more than $500,000 in restitution.


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