Further to our previous articles on the Silverpoint Participations and Nordic Consulting Canary Islands SL, today we publish the experiences of one reader from Scandinavia, taken from the many enquiries received in the past two days. It explains how he was sold the these “participations” and has since been contacted by Ali Farhoud from Nordic Consulting. We have slightly changed certain details to keep the identity of our reader private.
Back in 2017, our reader attended a meeting with Silverpoint Vacations, the representative was Alex Farhoud, another brother of Ali. The scheme was explained to him and he was led to believe that he was buying a specific apartment at Beverly Hills Heights, part of the agreement was that he would receive an income from the rental of the said apartment and eventually be able to sell.
After some time, he eventually signed the contract and parted with over 150,000€, along with the purchase contract was a rental contract with Silverpoint Vacations, as we know the CEO is Mark Cushway, who is no stranger to these pages. The client left in the belief that he had a good deal.
Then in 2018, Alex Farhoud made contact, our reader was informed that the rental contract had been cancelled and new less favourable conditions had been presented. In order to fix this Alex Farhouddemanded a further 10,000€ fee. Our reader fearing the loss of his “investment” duly paid. The new rental contract was with Excel Hotels and Resorts. He received an outline of the new rental contract, which to some extent the original conditions that they had initially agreed to.
Nearly a year later he was once again contacted by Alex Farhoud, this time it was stated that the purchase contract they our reader had signed was not valid. The reason being he could not get a title for a product that was essentially made up of timeshares!
Enter Nordic Consulting and Ali Farhoud, Alex Farhoud referred our reader to this company with the proposal that Nordic Consulting would instigate legal proceedings to have the contract with Silverpoint nullified, plus claiming back what they had initially paid, but in double. Obviously there was going to be a fee for this, that was estimated at over 30,000€. Our reader has had repeated calls from both brother to pay and get the process initiated. But our reader has not done so, one reason is that he has received no explanations or clarification in writing.
Our reader has also received a letter from Mark Cushway and Silverpoint informing him that the process of obtaining title was moving on and that all units had been cleared of timeshare owners. Apparently a “certificate” confirming that all 52 weeks in the unit purchased were clear. Our reader would then be called to Tenerife to sign the title.
Our reader is now so confused, can he believe or trust Silverpoint?
Can he trust Nordic Consulting, his brothers company, especially as it was Alex Farhoud who sold him the product in the first place?
This is why our reader turned to Inside Timeshare, he had nowhere else to turn, he didn’t know who to trust. After lengthy discussions we made a recommendation and our reader is now discussing his options with a leading law firm in this field. It will be sometime before we will be able to give you an outcome, but we are sure that his problem will be resolved to his satisfaction.
Have you had dealings with Silverpoint, either the “investment weeks” or the “company participation scheme”, have you been contacted by Nordic Consulting regarding these?
A few years ago Silverpoint changed their usual “investment” packs into “The Company Participation Scheme”. This is where the clients are then sold “participations” (not shares), in “registered” companies. These are actually apartments that are registered as companies with names like “Palm Beach 112”, using the names of the resorts along with a number, (possibly the apartment).
Once again like the “investment” weeks the whole point is to dodge the strict timeshare laws, which at first Silverpoint were successful in doing so. They actually fooled the courts in the early days that the purchasers were not buying timeshare but were investing in property. Eventually the Supreme Courtruled that these clients were buying timeshare and were not investors, therefore they had the full protection of the timeshare laws.
Since that first ruling Silverpoint has been on the receiving end of many court cases, almost on a daily basis, with the court’s finding for the clients. This is costing Silverpoint hundreds of thousands of pounds.
In a new and unprecedented case these “Participations” have been shown to be what they are, timeshare by another name, or what we at Inside timeshare would call a “Pig in a Dress”.
In this pre-trial hearing, which is usually a precursor to a full trial, something very extraordinary took place, before the Judge, Dña Lara Etelvina López Jiménez, Silverpoint and their legal team admitted that the “Company Participations” are indeed “TIMESHARE”!
This admission is going to have a very profound effect on all pending cases, it also opens the gates for many more “victims” to come forward and place claims against Silverpoint, not just to be reimbursed with their “INVESTMENT” but also have the contract declared null and void.
Judge Lara Etelvina López Jiménez decided on this admission that there was no need for a full trial to take place and closed the proceedings issuing her judgement and sentence within days of the case.
She ordered that the contract be declared null and void with the return to the client of 81,700€ including legal interest and fees. (Click on the PDF to see the court document).
Well, it is a rather sophisticated scheme designed as we said to circumvent the timeshare laws, “Participants” purchase a number of participations in the companies, which are actually the apartments registered as companies. The idea is they will receive a “rental” income with a yearly dividend of about 4% of the income rental. They are also should be able after 3 years to “sell” their participations, the only thing as we have found out from one of our readers is that they can only be sold to other participants. One slight problem here, they don’t know who they are and have no way of finding out, but according to our readers information, Silverpoint will approach them with the sale!
Attached to these “participations” are also holiday weeks which the “investor” is able to use, which does put them into the realms of timeshare.
Now as far as the “dividends” are concerned, some have received them in the first couple of years of “investing”, but as we are increasingly finding out most are now way behind on receiving them for this year.
The reason is that Silverpoint and Excel Resorts, who are the managing company of the resorts themselves have had a very severe falling out, with Silverpoint losing all marketing rights. So when these “investors” enquire and complain that they have not received their dividends for this year, they are told by Excel that they are waiting for Silverpoint to pay them.
When the “investor” makes further complaints and threatens legal action, it appears that Excel pays them the dividend, the only thing is it is with the “investors” own money which they have paid for the “participations”. I don’t know about you, but to me this looks like the classic “Ponzi scheme”!
What is a Ponzi Scheme?
Here is a simple explanation.
A Ponzi scheme (/Ponzi/ also a Ponzi game)is a form of fraud which lures investors and pays profits to earlier investors by using funds obtained from more recent investors. Investors may be led to believe that the profits are coming from product sales, or other means, and remain unaware that other investors are the source of profits. A Ponzi scheme is able to maintain the illusion of a sustainable business as long as there continues to be new investors willing to contribute new funds and most of the investors do not demand full repayment and are willing to believe in the non-existent assets that they are purported to own. (It is also known as a Pyramid Scheme).
It is actually named after Charles Ponzi who became notorious for exploiting it in the 1920’s, it also has roots in literature, being used in two Charles Dickens novels Martin Chuzzlewit (1844) and Little Dorrit (1857).
In further developments it has also come to our attention that Diana Aitchison, Chief Operating officer for Mark Cushway at Silverpoint, has recently parted company with Silverpoint, she is apparently now in the reservations department of Excel Resorts and Hotels.
This does indeed acknowledges a huge split between the two companies, one problem which Excel will have with the move of Diana Aitchison, is the fact that she signed off many of these “participations” for Silverpoint. This along with the fact that Excel is listed as “Sole Administrator” for these “registered” companies indeed shows a legal link which will only help those future cases.
We will bring you further information as we get it, but for now this recent development is going to please many of those who “INVESTED” in this scheme.
Have you been a victim of this or a similar “timeshare” scheme?
Have you been a victim of Resort Properties / Silverpoint and want to know the way forward?
If so use our contact page and let us know, Inside Timeshare will explain what your options are and point you in the right direction. You have rights under Spanish law for redress, don’t lose out on your chance to regain your hard earned money and have the contracts declared null and void.
First we take a look at the Criminal Action, this was proposed by the law firm Kaehler Abogados, he believed that what Resort Properties / Silverpoint were selling was classified as a fraud. This involved the selling of multiple timeshare weeks as “investments” in property, with a view to renting for an income and eventually going on the resale market with a return of around 15% to the purchaser.
As it turned out, the hundreds of consumers found out too late that what was actually happening was they were being continually upsold to higher standards of apartments / weeks. The reason they were given was what they had originally purchased was not selling as it was not what the market wanted. The only way to secure their “investment” was to pay even more money to upgrade to the better quality apartments.
Many of these transactions were funded with loan agreements brokered by Resort Properties / Silverpoint using Barclays Partner Finance agreements. The promise was that after two years the weeks would be sold and that would then cover the loan amounts and settle the agreements.
In reality this did not happen.
The first cases went to court and a long drawn out legal battle ensued, with the CEO Mark Cushway being indicted along with many managers and staff on charges of fraud. At the time it was dubbed as the largest fraud in timeshare history.
Unfortunately these cases floundered, Silverpoint successfully argued with the courts that these were property investments and not timeshare, therefore the purchasers were not consumers of timeshare but investors in property. As we know property can go down in value as well as up.
The courts at the time agreed, that these purchasers were buying into property investment, so they believed that no fraud had been committed.
At the same time the other school of thought was beginning to use the civil courts and the timeshare laws to pursue Silverpoint. The most notable case being that of Mrs Shirley Wilson, who instructed the proponent of civil action Miguel Rodriguez Cabellos to fight her case.
Mrs Wilson, argued that she at first believed she was investing in property, but it turned out it was in fact timeshare as there were maintenance fees attached along with other aspects of timeshare.
(Click on the link below to see the original trial)
Again a long drawn out legal battle was underway, with the case eventually going all the way to the Supreme Court.
Then in January 2017, the Supreme Court made its historic ruling, that what Resort Properties / Silverpoint had sold was indeed timeshare. That the purchasers were indeed consumers of timeshare and not “investors”, which also meant they now had the full protection of the timeshare laws.
For the hundreds of clients who had been part of the criminal action this was very good news, it now meant their cases could be converted to a civil action using the now many rulings on timeshare law from the Supreme Court.
Canarian Legal Alliance under Miguel and his team of lawyers were now responsible for representing these clients. They were offered the chance of converting their cases to the civil courts.
One of the first client to do so has now had his case heard and the courts have found in his favour, according to the rulings of the Supreme Court. The Court of First Instance No 5 in Arona, Tenerife has declared this clients contract null and void, his original claim was for 60,000€, the court has awarded him 88,113€.
This is obviously good news for the hundreds of clients who took part in the original criminal cases, they now have the chance to receive the justice they have for so long sought, with many of them having already converted to the civil action. So we can be sure that there will be many more stories such as this in the coming months.
Below is another link to a Youtube video which shows the then Sales Director David Taylor giving another “investor” the run a around.
In another twist, Silverpoint have another product which is very similar to the original “investments” deal, this they call the “Company Participation Scheme”. It is a very clever attempt to bypass the timeshare laws, although looking at the documentation it certainly looks like an advanced form of timeshare. More on this at a later date.
Inside Timeshare would like to thank CLA for the background information used in this article.
If you have any questions or comments about this or any article published, then use our contact page, we look forward to hearing from you.
On 5 March, Inside Timeshare published the article about Aspirantco SL, we have been reliably informed of inaccuraccies in this article, which was based on information received from sources we believed reliable.
Aspirantco SL are now the official marketing company for Excel Resorts, which is the management company for all the properties in the former Silverpoint portfolio. Excel Resorts cancelled the contract with Silverpoint and Mark Cushway for the sales and marketing of the resorts.
Carl Jenkins was the former second in command for Mark Cushway, but he resigned as he did not agree with the sales and marketing practices that were being used by Silverpoint. His company Aspirantco Sl are endeavoring to readdress the past mistakes and operate within all legal boundaries.
Inside Timeshare apologises to Carl Jenkins and Aspirantco SL for the misleading information published in the article. Inside Timeshare should have made more stringent checks on the sources. We hope that Carl Jenkins accepts this written apology.
Today’s article is in response to many enquiries that Inside Timeshare receives on an almost daily basis, it centers around the promise of no win no fee claims.
From the many companies now operating in this field, especially since the Spanish Supreme Court ruled that many contracts sold in Spain are illegal, this has become a growth industry.
Firstlly, if you purchased or upgraded an original purchase in Spain since 5 January 1999 and your contract has the following, then you may just have a valid claim:
The contract is for a duration of more than 50 years, what is usually known as perpetuity;
You have been sold either floating week or points systems, (in many cases this may include fractional);
You paid a deposit or even the full amount within the 14 day cooling off period, (in some cases this may be extended to 90 days).
In order to claim it has to be done through the Spanish courts and legal system, this will mean employing a lawyer or law firm with the relevant experience in this field. Not all lawyers will have the correct knowledge of the laws involved.
For example Inside Timeshare knows of one German owner who took on the services of a German Lawyer based in the Canary Islands, to file a claim against Anfi. Unfortunately this particular lawyer wrongly informed his client to stop paying the maintenance fees. Eventually the case went before a judge at the Court of First Instance in Maspalomas, he lost the case. It was deemed that because he had not kept up his maintenance fees he was in breach of contract and his membership had been cancelled.
So what is involved in taking out legal action in Spain?
Once you have found a reputable law firm or lawyer with the correct experience, all contracts will have to be translated into Spanish.
A Power of Attorney will need to be signed to allow the lawyers to act on your behalf. This is not a full Power of Attorney and is only applicable to that case. It can be done either in Spain or at a notary in your own country.
Once this has been done they are then sent to the assigned lawyer for case preparation.
They will then be passed to a Procurador to file at the court along with the relevant court fees and taxes. A judge will then be assigned and the process will start.
For this to be put into place legal fees are required to be paid, these cover all of the above and are payable either in full or can be paid by installments depending on the firm or lawyer you instruct. They do not work on a no win no fee basis.
There are so many companies now that are telling owners that they have a claim and will do this on no win no fee. Then comes the crunch.
In order to do the claim a rather hefty amount of money will need to be paid to cancel the timeshare, or what is known as relinquishment and then the claim can be lodged. In some cases the client also has to buy into another product.
The problem is once a contract has been terminated then no claim can be filed at any Spanish court, so where and how is the claim going to be done?
The most common is through Section 75 of the Credit Consumer Act 1974.
Unfortunately most owners will have purchased more than 6 years previously, which most card companies use as the cutoff point. Also the fact the owners will have most probably used their timeshare in the period since they purchased.
So the timeshare resort or company will quite rightly state that the owner had received the goods or service they had paid for, after all they have taken the holidays.
Section 75 will cover:
Not receiving the goods or services paid for.
The company has gone into liquidation.
Faulty goods or goods not fit for purpose.
It does not cover the fact that you were sold a timeshare product that has been deemed an illegal contract in Spain.
As for timeshares purchased elsewhere, the same would also apply under section 75.
For information on what is involved in a section 75 follow the link to the Martin Lewis website:
There are some UK firms that will offer a claim through the Spanish courts on a no win no fee basis, which may be genuine, these will use what are known as litigation funding. In essence these are companies that speculate on the probability of a win and will invest the funds to pay for the legal services. These will result in at least 40% of any funds awarded being taken in commission. Many of these types of litigation funders are used for class actions.
If you are tempted by these type of offers, one thing should be taken into account, an insurance policy should be purchased to cover any costs in the event of losing and being awarded the other sides costs, or you could be in for a bill of thousands.
There are some very basic questions you need to ask, if they are unable to provide any answers then you do need to think very hard in accepting their offers.
What type of claim are they doing, is it a section 75 or are they using the courts?
If they are using the courts, which jurisdiction are they using?
What are the names of the lawyers including bar association membership numbers or the law firms they will be employing?
If on a no win no fee basis, how is the court case to be funded?
Remember, not all timeshares sold will be valid to make a claim, off course the company talking to you will tell you that you do have a claim, after all they are sales people after your money.
It is also fair to point out that many law firms only offer no win no fee for injury, accident and medical negligence claims, these are where the client is going for compensation. With timeshare claims you are not getting compensation, but the return of money originally paid for a contract that is deemed illegal.
If you have been contacted by any company offering any of these services and would like to know the truth behind what they are saying, contact Inside Timeshare and we will give you an honest answer.
Want to know if a company or law firm is genuine again contact Inside Timeshare, don’t forget, doing your homework will save you in the end.
In this week’s Letter from America we welcome the first article from Ken Silva, with his Nightmare on Timeshare Street story. This is also made more complicated due to the involvement of Barclays, as this is considered as a separate agreement to the timeshare. But first we look at the news from Europe.
It has now been confirmed that the enterprises owned by Mark Rowe, are being investigated by South West Police, this follows the report at the beginning of January of the raids conducted by Trading Standards at several premises used by these companies. This followed after an investigation by the “Scambuster Team”.
The Police are contacting clients who either have lodged complaints with Trading Standards and the Police in the past, or from records seized in the raids. If you have had any dealings with any of his companies (a full list can be found at the link below), then contact:
South West Police ROCU. DC 4624 Katie Andrews. PO Box 37, Valley Rd, Portishead,Bristol. BS20 8QJ
Timeshare Consumers, take my advice and do due diligence before buying a timeshare.
Protect your family. Do not get your family into the mess we are in. Do your research. There’s a reason there are so many timeshare members on Facebook and websites seeking to dump their timeshares. I’m sure there are sales agents selling the product honestly, but you decide about our sales agent after reading what happened to us. All you have to do to prove we are telling the truth is to get on our booking site and try to find a vacation based on what we were sold.
Attorneys General, please, do not dismiss our experience. We are fighting to get our money back, as we still owe $10,000 on a Diamond ResortsBarclaycard credit card. We hope to escape the “ironclad”STAY VACATIONED contract.
Here’s what happened
In May of 2016 my wife and I purchased a Diamond Resorts International (DRI) Sampler (trial) package for $2,995 in Las Vegas.
Using our Sampler points we booked a stay at Diamond’s Ka’anapali Resort. We purchased 2,500 Hawaii Collection Diamond points for $13,000. Our sales agent was Karen Cossettee. Ms. Cossette told us we would be able to book one to three weeks of vacation anywhere. Our son Jacob, age 3, has a serious medical condition so we need to vacation close to home as we have to be near medical facilities. We had to cut both our Hawaii and Las Vegas trip short because our son experienced a medical emergency back home.
After we returned home, we got on the booking site, but found no locations meeting our requirements. About the only bookings you can get with 2,500 points are for places like Branson Missouri or Gatlinburg, maybe a one bedroom in Orlando. It is impossible to stay one to three weeks in a one bedroom in California near a major medical facility.
Jacob has cerebral palsy. He has been diagnosed failure to thrive and is on a feeding tube. He requires 24/7 care and he is a case study at Stanford University Medical School. We cannot fly because of his condition. We booked Tahoe recently, but cancelled that trip because even Tahoe is too far.
Using our Sampler points requires a sales presentation, so we booked a trip to
Las Vegas November, 2017. We stayed at DRI’s Cancun resort. There the Diamond sales agent, Davia Hunsicker said, “Hawaii lied to you! You can’t go anywhere on 2,500 points.” We were told Hawaii Collection points are expected to be slammed with assessments and 10-14% increases in maintenance fees because Hawaii is so expensive and subject to weather damages. However, in Hawaii they told us maintenance fees increase only 6%. They went on to explain that Hawaii was going to have a $1,000 plus assessment for damage to shores. Ms. Hunsicker told us U S Collection maintenance fees increase only 2% on average.
The Vegas agents told us the only way out of this situation was to move our Hawaii points to the US Collection and to do that we had to buy 4,500 points for $18,000 to own 7,000 U S Collection.
Like in Hawaii, we were shown several places we could stay that met Jacob’s needs. Again, when allowed on our booking site (again after the rescission period), it was a different inventory. I called DRI and reached a Platinum agent who said, “I’m with the Platinum desk. I can pull strings.” She found a desirable option, Pacific Grove in California. This was one of the locations we were shown in Vegas, only in our inventory it would require 22,000 points.
Timeshare companies can dodge the rescission period by not allowing access to the booking site until after the rescission period. In our case, I tried to log on two days after signing but was told my account was in escrow. The rescind period is seven to ten days, but it takes nearly 30 days before you can access the booking site.
DRI sales agents are so good at having all the answers and they will promise you the moon. Ms. Hunsicker also said we could get an extra 8500 “ghost” points that would upgrade us to Silver by saying we owned an RCI week. She instructed us to just nod to the QA person when they ask about RCI and we would be able to get the extra points, but not to say she told us because, “You might get me fired if they find out, but that way you’ll get another 8500 points.” She advised us to purchase an RCI week at Sam’s Club for $500 – $600 and then trade it in to Diamond for 8,500 points. She said with Silver benefits we could have food stocked and luggage forwarded. This was a tremendous benefit because of Jacob’s needs. However, when I read about these benefits the luggage benefit costs additional funds and the food service was not available at the Silver level.
We asked about what would happen if we could no longer use the points and were told DRI will work something out and were informed DRI has a website where you can sell points. DRI points are virtually worthless on the secondary market.
We would have rescinded our contract immediately if I had been able to see that we could not use our points as promised. Diamond salespeople will offer their cell and promise to be available and act like they genuinely care about you (like ours did concerning Jacob), but then disappear after a few days of friendly texts.
I work for a faith based non-profit. We teach anti-bullying and leadership skills. Our credit score is over 800. I am 33 years old and my wife is 31, caring for our son’s severe medical issues. To think that timeshare companies allow these practices and hides behind the fine print is astonishing.
I published a review on Trust Pilot.
Reply from Diamond Resorts International
Published Monday, January 15, 2018
We regret to hear of your experience as we are known in being forthright and delivering top notch service. Please email us at [email protected] for further assistance.
My response to Diamond’s response
Edit: Diamond Resorts reached out, as seen below, however, they have not responded to my email to them as of 1/25/18. Also, they are not known for their top notch service. In fact, look on Facebook for the various groups of people who are in positions like mine, or the many other reviews on Trust Pilot. It often takes DRI 45 or more days to get back to you and many are ignored. When you call customer service, they tell you there’s not much they can do to help.
If Diamond was forthright and delivering top notch service, they would refund victims their money. I’m glad I have a background in Social Justice and Social Media.
I hope our pain will save others.
Notes from Irene
Since Ken submitted this article a week ago, Inside Timeshare received five more complaints directed against this same sales center, one against the same agent Ken complained about. Especially in California, there have been complaints from Monarch owners of deeded weeks, coerced into giving up their deed and buy points, only to find out they did not have access to the week they had used and enjoyed for years.
All timeshare resorts have non-member inventory that always guarantee non-members can spend the money but members often cannot find availability. Diamond is not the only resort with complaints like this. New York Attorney General Eric Schneiderman settled with The Manhattan Club for $6.5 million. Clearly, there is a problem industry wide.
Timeshare deception and “bait and switch” is not a practice limited to Diamond, but in the case of DRI, licensed resale brokers will not even accept a Diamond listing. It’s bad enough if you can sell a timeshare if you were lied to, (often a timeshare is worth only pennies on the dollar), but with Diamond it is worse because it has been widely reported Diamond has virtually no secondary market. Try calling some of the members of the Licensed Timeshare Resale BrokersAssociation and see what they have to say.
We really do hope timeshare developers will work with us to stop predatory timeshare sales.
Thank you Ken and Irene for today’s article, it is with these stories that everyone becomes aware of what is happening, including the developers. Let us hope that they take note and start to change how they operate.
Inside Timeshare has just been informed from one of our German readers that Marriott is sending out emails to clients with the following statement (part of email translated from German):
An important commentary has been published in the press regarding letting restrictions on tourists (especially in the Balearics and in Catalonia) in 2017.
We would like to point out that MVCI Management, S.L. the only licensed company that has the right to rent properties in MVCI Resorts in Spain for themselves or their owners.
Weekly owners who rent their time-share weeks either by themselves or through third parties face fines of up to € 400,000.
Due to the complex nature of the legislation in question in Spain, we recommend that you obtain legal advice on your individual circumstances before renting your weeks outside the MVCI rental program.
If you have any questions, please do not hesitate to call us or send an e-mail to [email protected]com.
Marriott Vacation Club
We will obviously bring you more on this as we get more information as and when we get it.
If you have any questions or require any information on this or any other article published, contact Inside Timeshare, we will be pleased to help and point you in the right direction.
So that is it for another week, Friday is upon us and the weekend beckons, have a good one.
Welcome to Friday’s Letter from America, the last one for 2017, this week Irene looks at the past year from across “The Great Lake”, while we look at the past year in Europe.
Our first article of 2017 was about the family of fake lawyers from Tenerife, Litigious Abogados, it highlighted a new firm called Abogacia Española, which happens to be the name of the official website to check the validity of lawyers registrations. This was a very good move on the part of this well planned out fraud, as it did give an air of legitimacy when you did a web search.
Since then, we have seen many incarnations of this fake law firm, although the names have changed, one thing hasn’t, that is the nature of the fraud. They are still duping consumers into believing that they have a case at court, then to be part of it you need to pay the Procurator fees. That is only the start, it get even more sophisticated. Search Litigious Abogados for the full story.
This was a great blow to the RDO, as Mark Cushway was not only a director, but Silverpoint was also a major contributor. Funds this organisation could ill afford to lose. It has since come to our attention that the RDO is to form a partnership with ARDA (American Resorts Development Association). This particular organisation is well endowed with contributions and is very strong in the world of lobbying for its members. So it begs the question is the RDO going to be taking on board the tactics of ARDA?
Staying on the subject of Silverpoint, January was a momentous time on the legal front, with the Supreme Court making their first ruling against this company. This was the case of Mrs Shirley Wilson and her long battle against the selling tactics of Silverpoint.
Within a week the highest court in Spain ruled three times against Silverpoint, opening the doors for many more cases against them. Since then the rulings have been coming in thick and fast, leaving no doubt that what they had been selling was illegal.
February brought the news that Alberto Garcia had “stepped down” from Mindtimeshare and that the RDO would not be renewing the contract with that “Consumer Association”. Alberto Garcia for many years had been running the RDO’s“Enforcement Programme”, attacking any company which threatened the timeshare industry. This has now been given to Kwikchex and the “Timeshare Taskforce”, run by Chris Emmins.
Throughout the year, Inside Timeshare has been following the Anfi “Tauro Beach Project”, this has been a story that has now seen the former head of the Coastal Authority being charged with falsifying official documents and wrong doing in public office. No doubt we will see his trial sometime in the new year.
This project was to build a man made beach at Tauro, with the building of hotels and a shopping center. This was given to Anfi to run for 50 years, the Government of Gran Canaria is now seeking in the courts to remove these concessions in the light of the evidence of malpractice. This story is not over yet.
Anfi have been on the receiving end of many Supreme Court rulings since March 2015, they however have continued to deny any wrongdoing and inform their members that they have not lost any cases. In fact they have embarked on a campaign to attack Canarian Legal Alliance, trying to sow seeds of doubt among their clients. Below is a link to a video showing the National Spanish TV news on TVE 1, in this clip, one of the CLA lawyers explains the Supreme Court rulings. For the National Television to broadcast this item shows that CLA is doing what they say and that Anfi is trying to divert attention from this.
Another story we have been following is that of Los Clavelesin Tenerife and the battle for control of the resort. Again this is an ongoing story which at present seems to be dragging on. It revolves around the selling of Wimpen to ONA Grup, who were the managing company of this resort. Their contract has been ended but they still seem to be trying to run the resort against the wishes of the Owners Committee.
There has been a lot of argument on this issue, with some very nasty consequences, it is clear that this issue is not going to be resolved in the near future. It may also end up being a rather costly one with only the lawyers benefiting.
In July we published a rather different article on the timeshare world, this was a positive one, featuring a company that we have not been able to find any adverse comments or complaints. It is off course Disney.
This is a shining example of how the timeshare industry should operate, fair, truthful and with the consumer in mind. There again, it is what we expect from an organisation which prides itself on putting people first.
After a long reign TATOC finally went into liquidation, with Harry Taylor and TATOC being totally discredited. For years this organisation has duped not only timeshare owners but also organisations such as Citizens Advice Bureau. Any owner that went to CAB with a problem would be recommended TATOC as the place to go. Little did CAB know that this organisation was funded and basically run by the industry. All we can say is good riddance to a very bad and foul smelling egg!
There have been so many articles it is difficult to review them all, but Inside Timeshare has highlighted some of the most dodgy companies that have emerged over the course of the year. These articles have saved many readers considerable sums of money, we intend to continue with this.
But before we go on with Irene’s roundup of the year from the US, we finish with the news of yet three more sentences issued by the courts. On 27 December the Court of First Instance in Maspalomas declared yet another Anfi contract null and void with the client being awarded over 29,000€ plus legal interest.
On the same day the High Court in Tenerife announced another ruling against Silverpoint, with the contract being declared null and void and the client in this case being awarded over £9,000 plus legal interest.
There then followed on the 28 December another Supreme Court ruling from Madrid, this was number 82! Again the company was Silverpoint, with the contract being declared null and void and an award of over £23,000 plus legal fees and legal interest.
These cases were brought on behalf of clients of Canarian Legal Alliance, so this does show this law firm is doing what they say.
Now for the year from a US perspective.
What Timeshare Members Can Look Forward to in 2018 and what
I wrote looking forward to 2017 on December 26, 2016
Our Advocacy Group did not have a name one year ago, or a Facebook page. Our advocacy Facebook page was launched February 2017 and Timeshare Advocacy Group™ April 2017. As I write this, our advocacy Facebook page has 706 members. We encourage industry observers, as long as they are respectful.
Back in February, I remember scrolling down my Facebook feed, a pianist, waiting with nervous flute, oboe, trumpet, and bassoon middle school students for our competitions to begin, when I suddenly saw a post called “Diamond Resorts Owners Advocacy” launched by an economics professor. This Facebook page was launched in response to a draft article I had written and distributed, requested by a few former timeshare sales agents who felt the practice of “pitching heat” to sell vacation points needed to be addressed and brought to the attention of the general public. Based on reader responses, only Disney Vacation Club seems to disavow this sordid selling technique.
Our professor also prepared this mission statement for our DRI advocacy group, but as our Inside Timeshare readers started to reach out to us asking for help with timeshare issues concerning other timeshare companies, I borrowed our DRI mission statement and generalized it to apply to all timeshare companies.
We seek to provide timeshare members and owners a way to proactively address membership concerns; to advocate for timeshare reform; to obtain greater disclosure from the company; to advocate for a viable secondary market; and to educate prospective buyers.
April 2017, a former Diamond sales agent contacted me, urging me to write a press release as she was worried Diamond members were not aware of the Arizona Attorney General’s $800,000 DRI settlement and the Assurance of Discontinuance announced December 23, 2016. There was a May deadline to file a complaint.
This former timeshare sales agent said we needed a Facebook page so that readers had somewhere to respond. I didn’t even know how to use Facebook until I got mad at timeshare July 2015, but I struggled through the establishment of a Timeshare Advocacy Group™ page, delighted to find a butterfly with a “Knowledge Speaks, but Wisdom Listens” quote by Jimi Hendrix. My first concert I attended in high school was Jimi Hendrix, second row, in front of the mic.
I expected my new creation to last for a month or two, until the press release ran its course, but it continues to receive views. We consider this Timeshare Advocacy Group™ Facebook a clearinghouse of articles written about all timeshare companies and are grateful to all our volunteer admins for both Facebook pages.
Now a look back to what I wrote December 26, 2016 with updates
Timeshare Lawsuits 2017
By Irene Parker, December 26, 2016
Our Inside Timeshare mission is to offer timeshare owners accurate reporting on both the good and bad aspects of timeshare today. While we admit we bear more to the negative side of timeshare reporting, this thirteen page report from the US Department of Justice listing timeshare scams explains why:
The other reason is because the industry is not well regulated. Timeshare owners do not have the level of organization or funds necessary to compete with timeshare developer lobbyists. Lobbyists used to primarily direct their efforts towards influencing lawmakers, but more and more efforts are now being directed towards influencing US Attorneys General:
Looking to 2017, we need to look back and reflect on timeshare’s unresolved and continuing legal battles. Timeshare developers, former timeshare sales agents and solicitors, timeshare owners, federal and state regulators and advocates continue to weigh in on possible changes that will make timesharing more owner friendly and less predatory.
Will the final piece of this legal and regulatory puzzle result in a less aggressive and deceptive industry – or will practices continue unabated and unchecked resulting in more of the same?
WestgateUpdate 12/29/17: After the presidential election the CFPB dropped the Westgate investigation. President Trump is close friends with the Siegels, Westgate owner David Siegelwas seen campaigning next to the candidate in 2016. That’s Mr. Siegel to the left of Trump. Charles Thomas reported on the timeshare the Trump family is launching in Scotland, reported as a golf course in the US during the campaign.
“Westgate is facing lawsuits in several jurisdictions and a Consumer Financial Protection Bureau Investigation. Allegations include fraudulent and deceptive business practices ranging from high pressure sales tactics, failure to honor timely rescission requests, elder abuse, illegal debt collection practices and impermissible telephone solicitations.” The Capitol Forum June 27, 2016
Former Wyndham sales agent Trish Williams was awarded $20 million for exposing deceptive sales practices. While the amount will probably be reduced on appeal, it sends a message that courts and juries are listening.
The Manhattan Club Update: Remarkably, New York AG Eric Schneidermanmanaged to ban the owners of The Manhattan Club from working in the timeshare industry and achieved a $6.5 million settlement. Rarely is wrongdoing admitted. However, attorney Douglas Wasser, representing TMC owners, said “Hundreds of members will be helped, but there are over 14,000 members.” Even a settlement this size will do little to curtail predatory marketing and sales practices. The investigation took years.
Back in 2016
Attorney Douglas Wasser represents 30 Manhattan Club defendants.
“To my knowledge there has been no dismissal of any Manhattan Club proceeding at this point. The NY Attorney General investigation is proceeding, and the motion to dismiss a currently pending class action suit has been adjourned to January 5, 2017 for now. Three prior class action suits at the Manhattan Club have been dismissed. But, at least for the time being, the current class action still survives,” Mr. Wasser reported November 15. 2016
Marriott Vacation Club Racketeering Update: Most disturbing of all, political and legislative maneuvering in Florida resulted in a change in the definition of timeshare, seemingly in an attempt to circumvent the merit of the case, according to attorneys involved with the case. That was not the end of it. We will hear more about this case in 2018.
“The Marriott racketeering lawsuit seeks to abolish Marriott’s points program, which attorney said is unique among timeshare companies. It also seeks the return of fees and costs paid by buyers.”Paul Brinkmann reported October 13, 2016 for the The Orlando Sentinel.
Diamond Resorts Update:A judge ruled in favor of arbitration in the billion dollar lawsuit filed against the company, and Congress reversed the CFPB ruling that would allow class actions. Diamond Resorts is one of the only timeshare companies to have a class action ban in their contract, forcing arbitration. Arbitration is binding and private. Lawsuits filed are public record.
A recent class action was filed against Diamond Resorts:
Matt Daniel Finazzo, et al. v. Diamond Resorts International Club Inc., Case No. 5:16-cv-02256, in the U.S. District Court for the Central District of California.
I don’t mean to be the Grinchess that stole Christmas, so to end on a positive note,
People are listening!
Charles Thomas and I are hearing from people all over the world who are joining forces to work towards:
⦁ A legitimate secondary market
⦁ Less aggressive and deceptive selling
⦁ Less predatory lending
Thank you from timeshare owners to our regulators and lawyers working to protect us. Since last year we have found a few more self-help groups we are confident are on the side of the timeshare member and are not industry influenced.
So that is 2017 in a nutshell, if this coming year is anything like the last we will be seeing many more stories like these.
Inside Timeshare thanks all those who have contributed to the articles and also to all the readers and those who have contacted Inside Timeshare for help and advice. If you require any information on any company that has contacted you or you may be thinking of using but need to know about them, contact Inside Timeshare and we will point you in the right direction.
We wish you a prosperous New Year, enjoy your celebrations and we will be with you in 2018.
Considering August is usually a quiet month with all the holidays, Inside Timeshare has had quite a run on articles. We began August with news on the Tauro Beach Project entitled “Tauro Beach: In the UK News”.
This followed the publication of a story in The Guardian, a UK newspaper, on the importation of the sand used to build the beach, from Western Sahara. The article by Anders Lundqvist and Rowan Bauer, two independent journalists who investigated the possible illegal importation of the sand.
They explained that if this sand did originate from the Western Sahara, which it most certainly looks like, it was against UN Resolutions and rulings from the European Court of Justice. In their article they quote the head of SEPRONA in Gran Canaria, Lt Germán Garciá who stated “The sand was brought illegally, it was discharged with no control at all,” we know this has caused concern among environmentalist on the Island, as there is a protected area just 300 meters off the beach.
For the full story follow the links at the end of this article.
The following day we published the Mid Week Report, this started with the news that TATOC had truly gone as their website is no longer accessible. It was then followed with a link to The Canary News, an English language newspaper based in Gran Canaria. The Canary News article by Ed Timon, the editor, gave a very good insight into the history of Western Sahara, which was the subject of the previous article.. (Again see links below).
We also published the first article of the month from Irene Parker, from our US branch, this was to do with a lawsuit in the US by Welk Resorts against Timeshare Exit Team. This is the first in a series of articles highlighting lawsuits by timeshare developers against resale / exit companies and law firms.
Loyalty: No Such Thing in Timeshare was the title of the next article. This highlighted Timeshare Compensation’s blog on Silverpoint now known as Signallia. In this blog Timeshare Compensation warns its readers of the “dodgy” past of this company, which was very surprising indeed as the owner of Timeshare Compensation,Mark Rowe, is an ex-senior sales manager of Silverpoint and thereby employee of Robert “Bob” Trotta, as well as colleague of the CEO Mark Cushway. Told you there were some strange things in the world of timeshare!
In our first Friday’s Letter from America for the month, we published the article by Eron Grant, this covered the question of why does ARDA have a code of ethics? One question we have also asked of the RDO.
Once again that family of fake law firms in Tenerife came up, yes you know the ones, Litigious Abogados.
We then published “Truth, What is Truth?” This was in response to readers enquiries about Anfi denying losing any court cases. This has caused confusion among members, after all these cases have been publicised in the press, yet Anfi tell everyone it is not true! So who do you believe?
In the next Friday’s Letter from America, we published Part 4 “Our DRI Misadventures” by David Franks. He Joined our team of writers from the US, some months ago and has given us a great deal of fun. He certainly has a style of his own and is a welcome member to the team.
We then started our “Hug Your Haters! A Customer Service Message” by Irene Parker, this is based on the book Hug Your Haters by Jay Baer. He is to be a keynote speaker at the Interval International Shared Ownership Conference to be held at the Miami Beach Eden Roc Hotel October 23 – 25. Mr. Baer has advised more than 700 companies including The United Nations and 32 Fortune 500 companies.
Next came the news of a story we published last year, it involved The Manhattan Club in New York. The NY AG Eric T Schneiderman had suspended all sales at the club back in July 2014, this followed many complaints of deceitful practises. The case is now finally over, with a settlement of $6.5 million, also the owners are being forced to sell and have been barred from participating in the timeshare industry. Well done Eric, one for the consumer!
Once again Karen Garello from our Timeshare Advocacy, contributed another “Secret Shopper Report”. In this article, Karen gives sound advice on the questions you should ask when going on a sales presentation. Following her advice could save a lot of problems in the future.
It was back to Europe for our next piece, this was titled “ Timeshare In the Press”. This was actually very timely as it followed on from the Truth What is Truth article, it was based on the article in the Spanish paper El Diario. It highlighted the Supreme Court rulings, mainly against the Tenerife company Silverpoint, who just like Anfi deny any cases going to court or being lost.
It also included the article published in The Canary News, based on the one from the paper La Provincia, this began with a recap of the groundbreaking first Supreme Court ruling back in March 2015. Again throwing out the claims of the timeshare industry that these are all fictitious cases.
There followed a couple more articles by Irene Parker and a Timeshare Advocate. The first highlighted the lawsuits between developers and law firms, the second was an open letter to the timeshare industry. Whether they take any notice is another thing.
In The Monday Briefing, we again focused on the Litigious Abogados family, giving a recap on how they operate their rather sophisticated scam, but also some sound advice which if followed will protect you from becoming one of their victims.
In the same article we welcomed and wished all the best to a new forum for timeshare owners, Timeshare Users Forum. This has been set up by disgruntled members of Timeshare Talk, a previously independent forum. We won’t go into detail here, but you can read the full article.
The last article for August was Part II of Hug Your Haters: A Customer Service Message.
So that is it for August, tomorrow we don’t cross the great lake to the US, we go to the land down under, for another Letter from Australia, contributed by Justin Morgan, on the role of private equity and the secondary market in timeshare. Do join us and bring your didgeridoo!
Welcome to this week’s Friday’s Letter from America, we continue with another chapter from our traveling writer David Franks, this week it is entitled Miami Vise, edited by Irene Parker. But as usual we begin with some news from Europe.
Back in May Inside Timeshare reported on some very nasty events in Tenerife, this involved the former Wimpyresort Los Claveles, which was subject to a management buyout by Ivan Pengellyin 1998. Over the years the resorts operated by Wimpen(Wimpy Pengelly) had very good relationships with the owners and the owners committee, this all changed when Pengelly sold out to the Ona Group. (see previous articles).
But there may just be a glimmer of hope on the horizon, it was announced this week that the arbitration process has completed and a judgement has been made. It is in total favour of the owners committee, that the Ona Group, Wimpen and the FNTC, are all in the wrong. The owners committee is legally constituted and has all the rights to run the resort. This means everything must be handed over to the committee, that Wimpen (Ona Group) have no right to collect or demand maintenance fees.
It now just needs to be seen if these companies comply with the Arbitrator, if not the committee will then have to resort to the Spanish Courts to enforce the judgement. We wish them all the very best and hope that this sorry tale will be over very soon. More on this as and when new information comes in.
What also has to be remembered is Mark Rowe was at one time a senior sales manager for Resort Properties/ Silverpointunder Mark Cushway, now look at the history of that company! Also Lee Roy Pallister is another ex-timeshare salesman. We leave it up to you the reader to decide what the implications of this will be. We think we already know what they are likely to be!
Yesterday Inside Timeshare published an article about Anfi, just after publication, news came in of a sentence which had been issued by the court, it would seem that even though it is August some people are still working.
Another loss for Anfi, at the moment we do not know the infringements ruled upon, but it is more than likely the usual, either perpetuity, floating weeks or points. In this case the ex-member has been awarded 37,224€ plus the legal fees and the court also awarded back all maintenance fees that had been paid.
Do you still believe what Anfi say, that they are not losing any court cases?
April 2016 arrived. Never mind the showers; my lovely wife and I were going on a Diamond Resorts International Dream Holiday to Miami, Florida and the western Caribbean!
We started the adventure on Tuesday, April 5. I shall note at the outset that it was road and bridge construction, not DRI that turned the drive to the airport into a slightly mobile parking lot. XNA in Bentonville, Arkansas is a lovely little airport. It is expensive to fly in and out of XNA, but the cost was covered in the Dream Vacation package. Score two for DRI. Keeping their intervention to a minimum works wonders.
We arrived in Miami without incident, unless changing planes at the Houston airport is an incident. We made our way to the Penguin Hotel in Miami Beach, a nice old place on Ocean Drive in the historic South Beach Art Deco District. We had selected the hotel because of its age, and because it was possible (though not easy – see Chapter Three) to get an ocean-view room.
We arrived at the hotel to find that we did not have a room there. Somebody from DRI had decided to “upgrade” us to a brand-new room in the President Villa, a newly-remodeled building. We talked to a couple of hotel managers, met a couple more concierges, and confirmed that our reservation for an ocean-view room was in underlined capital letters in their reservation book. Having been made aware of their faux pas, the helpful DRI people attempted to mollify us with a $100 certificate for dinner at a rather nice little bistro (double the regular value of $50). We were not mollified, but we accepted the certificate.
Unfortunately, we would not be able to have the favor of their “upgrade” corrected immediately, as there were no rooms available in the Penguin until the next day. So, guided by a helpful DRI minion, we excursed from the Penguin along a dismal alley route to the President Villa, a former office building next to the President Hotel on Collins Avenue. The conversion to residential use was not impressive. Our room was so awkwardly designed as to be uncomfortable; the bathroom would not have been even adequate for a modern resort guest. The ocean view I had struggled to get was of course not available, and the slight smell of fresh paint was no compensation. When we compared the President Villa to the Crescent Resort – and even to the dinged-up but charming Penguin – we felt that we were being treated as second-class guests.
On the other hand, the President Villa – despite its lack of accoutrements consistent with a nice hotel – did offer, under the same roof, exotic car rentals and the services of a psychic/fortuneteller.
While we were unable to see the ocean, we were able to see from our window an endless stream of people taking selfies standing next to or sitting in Ferraris and Lamborghinis, presumably with permission. We declined the opportunity to have a tarot reading, as we already suspected that our future with DRI was not becoming less bleak.
We trundled back over to the Penguin the next morning and took possession of our ocean-view room in time to attend a luncheon provided by DRI prior to a mandatory “buyer update” meeting that afternoon. The luncheon, set up in the lobby of the Penguin, was actually rather pleasant (DRI managed to not interfere), and we met a few Diamond Resorts members who made a good show of not seeming like victims.
We eight or so members then went next door to the Crescent Resort and up to the penthouse, where over the course of a couple of hours we were told a couple of things that started out interesting but have since turned out to not be true: that, as Gold and Platinum members, we would be receiving a tablet computer preloaded with DRI-related software, which would enhance our owner experience; and that DRI was looking at adjusting maintenance fees based on actual resort usage, which would reduce some members’ fees (“Like ours?” I asked. “Like yours,” they said) because there’s no need to pay so much to maintain facilities one doesn’t use. Oddly enough, they didn’t try to get us to buy more membership, but they did make us stand around on the roof deck for quite some time for no apparent reason. Particularly given the lack of veracity of the “buyer update”, we would have been better off using the afternoon thus occupied for sightseeing instead.
[Note from Irene: Maybe they read Chapters 1, 2 and 3?]
Our only interaction with a DRI concierge as such was an attempt to find the nearest Walgreens where we could get a prescription filled. He didn’t know, and he guessed wrong.
We had a good time during the remainder of our stay in Miami Beach. We had a nice bus tour, visited Calle Ocho, and enjoyed the meal at the bistro, which ended up costing a little over $100. The Penguin is a perfectly good hotel if your expectations are in line with what an old hotel has to offer. The room was fine – its ocean view was just as good as from a newer hotel – and its cafe provided a good breakfast. As it turned out, we were not charged for the upgrade to an ocean-view room. I hope the Penguin didn’t end up eating a loss caused by DRI’s interference.
Important points this week:
Although I will not attribute the change in our room reservation to malice or perversity (but what’s left?), I will note that I had explained at some length our interest in the Penguin as a historic hotel as well as our interest in an ocean-view room to everybody I talked to, and our reservation had been emphatically logged. Calling the change an “upgrade” was a little perverse, however.
The Crescent Resort is a DRI property. The Penguin Hotel and the President Hotel are “Club Affiliated” properties. DRI does not mention the President Villa at all; apparently they prefer to surprise unsuspecting guests with it.
Renovation tip: never hire DRI to oversee or approve of a building makeover.
Except for the meddling in Miami – which was the only real opportunity DRI had to screw things up – the Dream Holiday, once underway, went well, despite the fact that it involved a seven-day Carnival cruise (which, apparently amazingly, came with an ocean-view stateroom). My lovely wife and I thought the Dream Holiday was a good value at 7,500 points, and we saw no need for DRI to misrepresent the potential retail value of the hotel room.
Subsequent mentions of the tablet computers and the purported maintenance-fee adjustment to DRI customer service indicated that DRI had never discussed them with the front people at all. Upon escalating the issues, it turned out that the tablets were supposedly an inducement for brand-new members, rather than an amenity for existing members. One of the people I talked to said it sounded like I should get a tablet, and he would check into the matter and get back to me. (He never did.) Based on several reactions at escalated levels of customer service, the supposed maintenance-fee adjustment was a total fabrication.
More concierges! (DRI seems to be a tad lenient in bestowing the title of “concierge”, if my understanding of the office is correct.)
Well, there you have it. David Franks, our intrepid travel writer, is safely back home no doubt planning his next Diamond adventure. Contact Inside Timeshare if you would like to share your Airbnb, Diamond, Bluegreen or Wyndhamtravel experiences. Canadian postings tell us Diamond is allowing some users to use their Diamond points to book AirBnb. As they say, if you can’t lick them, join them. More on that as we investigate further.
Contact Inside Timeshare or Diamond and Bluegreen member supported Facebooks if you would like to become an Inside Timeshare contributor.
This Bluegreen Facebook page of 1,670 members, Sales Team Reviews & Update/Sales Presentation Experience, is for the benefit of the members, corporate Bluegreen personnel and sales agents working towards a more honest and transparent sales process.
So there it is, the end to another week, Inside Timeshare again thanks all contributors to the articles, we also thank those who have sent in details on their dealings with some of the companies that have featured. Without that information it would be difficult to give you the facts.
Have a great weekend and join us again next week for more news and truthful facts on the murky world of timeshare.
Now Timeshare Compensation in their blog is warning about this company, about their “dodgy” past and that they may have changed their name and the product, but may not have changed their ways. But who is Timeshare Compensation?
Well you will never believe this, but they are the trading name of ABC Lawyers, which is a company that belongs to one Mark Rowe!
Another company which Mark Cushway is a director is Vacation Finance Limited, which according to the FCA register has Signallia MD SA as an appointed representative. Well let’s keep it all in the family.
Signallia also have a wonderful promotional video which really does sell “The Dream”, showing some exquisite resorts around the world, Just wondering if you can actually get into them? Mr T also points out that Palm Beach Club in Tenerife (a Silverpoint resort) held a presentation last October, this highlighted their “Highly personalized consulting service” given by Maurice Aronow, senior vice-president of Signallia’s commercial department.
Aronow was also a previous vice president of sales and marketing at another Robert Trotta Resort, namely Palmyra Resort & Spa in Jamaica, it was around 2011 that they launched their fractional ownership.
Bob Trotta launched this resort back in 2005, but due to financial problems in 2012 it was never completed. It was alleged that Trotta had defaulted resulting in $110 million worth of debts, with the Jamaican banks putting the resort up for auction, this was unsuccessful.
Our thanks go to Mr T, a regular reader and also a great contributor in doing some of the research we may miss. This again goes to show that doing your due diligence will show some of the links that many of these companies don’t want you to know, the tangled web can be unravelled. Once it begins then you can make a choice, “to trust or not to trust”.