| Jaclyn has an interesting job. She is an accredited business valuator and certified fraud examiner. She helps clients figure out things like the value of a business, how much a couple’s assets are worth when they divorce and whether someone has been a victim of financial fraud. So, she’s pretty much seen it all. That made her the ideal person for Richard and Dorothy to turn to once they figured out that Westgate hadn’t been straight with them. Fortunately, the Skiatook, Oklahoma couple turned Jaclyn’s findings over to the Attorney General of Oklahoma. He forwarded it to the Florida Attorney General’s office, which is where we found it in the 4,256 pages of complaints against Westgate on file there. And we’ll cut to the chase here – what she found wasn’t good. “It is our opinion that red flags typically relied upon to indicate fraud are present based upon Richard and Dorothy [last name withheld] statements regarding their interactions with Westgate Resorts, Ltd as well as the contract documents and emails we reviewed.” “Specifically, it is our opinion that the statements made by Westgate Resorts salespeople along with the documents we reviewed may support findings of intentional misrepresentation and undue influence.” Well, that just about says it all! And yet…there’s more. “Purchasers have been denied use of the property they purchased and have been told in each instance during which they attempted to make a reservation that nothing was available.” “Purchasers were told by Timeshare Company salespeople that their maintenance fees could be paid by renting out their property. They subsequently learned this was not true.” “Purchasers were not told how maintenance fees were used or that they had a legal right to the financial information. Similarly, they have been billed for Special Assessments although they were not informed that they could be liable for such fees.” “Purchasers were told by Timeshare Company salespeople that their property would increase in value and that the Timeshare Company would buy back their property. Purchasers attempted to sell their property back to the Timeshare Company and learned this was not an option.” And why is a Westgate buyback not an option? Jaclyn’s investigation had the answer to that, too. “Based upon our analysis and the documents and information considered for this engagement, we have concluded that the interest owned by Richard and Dorothy in the Timeshare…has no fair market value after deducting the associated debt.” In other words, according to someone who evaluates property for a living, Westgate sold Richard and Dorothy a timeshare that is…essentially…worthless! And what do you suppose is Westgate’s response to these findings? We’re going to have to ask Westgate CEO David Siegel to find out. Let’s email him at david_siegel@wgresorts.com And let’s make sure Jason Gamel knows about these findings. He’s the President and CEO of the American Resort Development Association (ARDA), which represents timeshare companies in Washington, DC. You can email Jason at jgamel@arda.org. Would your timeshare company stand up to a fraud examination? Use this list of ARDA VIPs to contact your company’s leaders and find out. Know a timeshare company that should be audited? Let us know at info@timesharefacts.com PS: Follow us on social media. Twitter Facebook Instagram |
