Yucatan Resorts Inc., Yucatan Resorts, Resort Holdings International Cancun, Resort Holding International Panama and Michael E. Kelly

A lawsuit was filed on behalf of more than 350 Arizona citizens who invested in Yucatan Resorts, an international investment program. Their investment money was to be spent on timeshares that would result in an 11% return, but in many cases the money was spent on other things without their knowledge. The Arizona Corporation Commission has approved a $20 million dollar settlement reached with the five defendants. (Mar-09-06) [PHOENIX BUSINESS JOURNAL]

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