The company TrendWest Resorts sold/sells credits in the form of ownership in WorldMark the Club with over 70 resorts and 6,365 condos worldwide. TrendWest has been in business since 1989 and at the beginning was owned by Jeld-Wen the largest producer of windows and doors in the world. It was sold to Cendant which was a 25 billion dollar company made up of approximately 40 other brands/companies. Cendant has divided itself into 4/5 divisions after the President/CEO and Vice President received prison sentences in 2007. (see Associated Press article dated January 18, 2007/WHO'S NEWS/Forbes Sentenced in Cendant Case.
Further the company was fined in California (see article dated October 29, 2003 Attorney General Lockyer Settles Lawsuit against One of the World' Largest Timeshare Firms) this fine would total approximately $4.3 MILLION IN TOTAL VALUE AS STATED IN THE NEWS RELEASE: http://caag.state.ca.us/newssalesalerts/2003/03-134.htm
The product sold was sold with the understanding that 4000 credits (originally this was 3,000 credits) would get ANY AND ALL OWNERS a week anywhere in the world in a condo, 1-2-3-4 bedroom if booked within a 60 day period prior to arriving at the selected resort) This was originally called FLEX-CHANGE and was provided through the second largest timeshare exchange company in the world/Interval International or often referred to as II; latter this was called INSTANT-EXCHANGE as was provided from the largest timeshare exchange company in the worlds called Resorts Condominiums International or commonly known as RCI. Note: RCI is owned by Cendant which is now Wyndham Resorts.
Please understand that if an owner of Wyndham/WorldMark/TrendWest made a reservation/trade with RCI or II beyond a 60 day window; example 6 months from today; it could take 12,000 credit to get a week as to the time of year and the size of condo. The advantage is of course by booking on SHORT NOTICE THE OWNERS, can use a minimum amount of credits in the exchange system which is 4,000.
HOWEVER, as you will see this is totally impossible and thus the massive FRAUD.
Per the 2010 AUDITED financial report the company Wyndham/TrendWest had a total of 2,825,067,000 Billion credits available for sale; including what has already been sold and what remains to be sold.
The company has ownership of 6355 condos worldwide X 52 weeks or a total of 330,460 weeks available for use by the owners; including weeks that could be traded to RCI or II for other locations throughout the world.
If you divide 2,825,067,000 Billion credits by 4000 credits you would need a total of 706,266 weeks that the company would need to make the system work as sold to the public.
THUS AS YOU can now see the company is short or OVERSOLD BY 375,806 WEEKS.
BUT the problem becomes MUCH WORST! There are less than 100 weeks within the Wyndham/TrendWest/WorldMark system that have a value of 4000 credits. THUS, after these 100 4,000 credit weeks are used by the owners OR traded to one of the exchange companies the company IS STEALING from the owners more valuable weeks to replace the weeks they do not own or have available. Again the company is 375,806 weeks short in the inventory or ownerhship they possess to have available for the owners.
To build 375,806 weeks divided by 52 weeks they would need to BUILD 7227 CONDOS @ a cost of over $200,000.00 per condo or that is what the average condo now cost to build or a TOTAL OF
$14,454,000.00! and ALL OF THE WEEKS must have a credit value of 4000 credits for the system to work as sold!
This is quite possilbly the biggest fraud in history. I have all the documents, records, financial statements in the audit year of 2010 that proves the numbers don't work.
What a ripoff.