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Re: Class Action Against Diamond Resorts? (by Irene P.):

There is deception in the contract. The contract states you can sell points. However, licensed timeshare resale brokers will not buy or sell Diamond points because of restrictions that are too onerous. They will buy and sell Diamond competitor's points. Ads to buy and sell Diamond points are from listing agents that are often not on the up and up and transfer agents. The transfer agent offers a guaranteed deed back for normally $5,000 to $7,000. They then "bundle" 25 to 50 contracts - similar to subprime mortgages. Diamond's transactions are not subject to real estate laws and regulation because it is a VOI - Vacation Ownership Interest. Diamond and other developers buy the bundle as a securitization pool. Read Roddy Boyd's article written for Southern Financial Reporting Foundation: "Diamond Resorts and Its Perpetual Mortgage Machine" March 7, 2016

The Consumer Financial Protection Bureau will accept complaints through the "mortgage" option even if there is no mortgage. I filed my complaint orally and have heard back. It is extremely important to file with them because, a) the CFPB is Federal so not an elected state position. and b) There is a landmark CFPB investigation going against Westgate and Diamond is always mentioned as being on the radar (Matt at BuzzFeed broke the story). Owners who feel they have been deceived should also file with the appropriate AGs. I have filed with three AGS and have heard back from two.

If anyone has questions, I wrote an article that was sent to several stock analysts, so it is information I learned going through the Diamond annual reports with a fine tooth comb. I sent it out to the Licensed Timeshare Resale Broker organization and Lisa Ann, author of Timeshare Vacations for Dummies picked it up and put it on her blog. I think it is still there. At the end of the week on Friday last week, the week my article was up, the Capital Cube posted after the bell (typically not when happy news is posted), the five ETFs (Exchange Traded Funds) with the greatest exposure to Diamond Resorts.

As a former licensed broker, I would have never bought something that could not be sold through a licensed broker. I can live with most of the other things like aggressive sales presentations and limited availability. You can reach me through "Timeshare Insights Blog" if you have questions about the filing process or have information to send me that would help me with my efforts. My Vacation Plan has turned into the twilight zone. But! Thanks to Diamond, I am now a weekly contributor to Jim Cramer's Mad Money "TheStreet". I sent them the article I wrote about Diamond, they contacted me and now I am a weekly contributor having a ball with scary professional editors that make me look like a pro. There's always a silver lining!