Asheville man convicted in $3.5 million felony bank fraud scheme with vacation rentals - WLOS
Summary
An Asheville man was convicted in a $3.5 million bank fraud scheme involving vacation rentals. Hosts should be aware of the legal and financial risks associated with fraudulent activities that could potentially involve their STR businesses.
Action Items
- ✓Review your business practices and financial procedures to ensure compliance with all applicable laws and regulations to avoid fraudulent activities.Effort: mediumImpact: high
- ✓Consult with a legal and financial professional to ensure your STR business structure and practices are compliant and protect you from potential fraud risks.Effort: mediumImpact: high
Common Mistakes
- ⚠Hosts who engage in fraudulent activities involving their vacation rental businesses risk severe financial and legal penalties, including felony convictions.
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