Trendwest taken to task by ASIC in 2002

In perusing the web, I found an interesting relesae on the ASIC website dated 21-Nov-2002.

It appears that the Australian Securities and Investments Commission asked Tendwest to change some of its sales practices.

ASIC began proceedings in the Federal Court, alleging that Trendwest was engaged in misleading and deceptive conduct, and unconscionable conduct, in relation to its sales practices.
...
On 28 October 2002, ASIC filed an application in the Federal Court seeking interim and final orders against Trendwest. Following discussions with ASIC, Trendwest has provided a number of undertakings to the Court.

In relation to the managed investment timeshare scheme, WorldMark South Pacific Club, Trendwest has undertaken to provide a prospectus to each individual or couple attending the sales presentation at the time of registration, and to not make the following representations to consumers:

• the purchase of Holiday Credits is a good financial investment;
• over time, the resale price of Holiday Credits in a secondary market will remain stable or increase relative to their acquisition price;
• a strong market exists for the secondary sale of Holiday Credits; and
• consumers may sell Holiday Credits through Century 21 Real Estate in Australia.

Tags: trendwest worldmark