Accused $428M Time-Share Fraudster Gets Enjoined

Law360, New York (April 17, 2009, 12:00 AM EDT) -- A federal judge has enjoined accused time-share fraudster Michael E. Kelly from violating securities laws in connection with a civil lawsuit accusing him and others of ripping off the public to the tune of $428 million.

Kelly, who was arrested on criminal charges in 2006 and is jailed in Chicago, consented to the Tuesday order in the U.S. District Court for the Northern District of Illinois without admitting or denying the U.S. Securities and Exchange Commission's allegations.

The SEC's complaint, filed in September 2007, alleges that...
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