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Dave Ramsey faces $150 million lawsuit from listeners who say they were defrauded by a timeshare exit company he promoted

M

Mikey Radio

www.businessinsider.com

Christian radio host Dave Ramsey faces $150 million lawsuit from listeners who say they were defrauded by a timeshare exit company he promoted

The lawsuit said the Christian radio presenter was paid $30 million by Reed Hein, which often failed to get customers out of timeshare contracts.
www.businessinsider.com www.businessinsider.com
The suit said Ramsey was paid millions to advertise Timeshare Exit Team, operated by Kirkland, Washington-based Reed Hein & Associates. Lawyers say Ramsey was paid $450,000 a month by Reed Hein for his services, amounting to $30 million in total.
Reed Hein promised to get customers out of timeshare agreements, but often failed to do so, per the suit.
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In 2017, timeshare operators began launching successful legal action against the company. In 2021 Reed Hein was ordered to stop its deceptive practices, Washington State attorney general Bob Ferguson said, and pay $2.6 million to be used for restitution for victims.
In the period Ramsey promoted Reed Hein, it's argued the company received $70 million in fees from customers referred to it by the radio host.
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"Instead of acknowledging the deception, Ramsey recorded a nine-minute radio segment in which he lashed out at anyone he felt to be responsible for Reed Hein's woes," the lawsuit stated. Those parties included timeshare companies and the Washington State attorney general.
"Ramsey never returned any of the tens of millions of dollars Reed Hein and Happy Hour Media Group paid him from his own listeners' hard-earned money. Instead, Ramsey has chosen to profit from his listeners' money," lawyers say.
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Interesting. I’ve heard a lot of time share exit company (not sure if for this one) over the years and I thought one of their selling points was you only had to pay for their services if the company was successful in getting you out of your timeshare agreement, similar to other lawyers who are paid on contingency fee (medical malpractice, slip and fall, etc)
 
inari said:
Maybe Ramsey should try paying off his smallest debts first and once those are done pay off the $150 million.
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I laugh, but you'd think Ramsey would steer his loyal listeners away from this sort of thing.

"You got roped into a time share for how much? Well that's your own fault. Now let's see how we can get you debt free."

Instead, he steers his listeners who fell for the time share pitch to a company that (apparently) exploited them precisely because they were easy marks in the first place. It's kinda the exact opposite of what his show proclaims to be about. Financial responsibility. Helping people who have found themselves into untenable circumstances through bad decisions.

Like "you took out a payday loan and can't pay it back? No worries, call my friends over at Payday Loan Exit Team!" (and then they take the unsuspecting listener for even more money)
 
So, reading the first post, it appears the attorney is saying Ramsey should refund the money he took for the advertising Timeshare Exit Team. So, he refunds it to the payer, Timeshare Exit Team and 15% to the Ad Agency? At least the attorney making the accusation can get his cash if he did. I ask why he should do free advertising. That attorney needs to explain how Dave Ramsey is responsible for the actions of Timeshare Action Team. He is not running that company nor does he have any influence over how they conduct themselves. Now when the State of Washington acted in 2017, I think I would have suggested a pause in advertising until everything was settled, if the contract allowed (which I'm sure it does). Typical: sue who has the money and create the guilt somehow. I'm not a lover or hater of Dave Ramsey but the haters are sure out there now. I can tell you he has sure helped lots of people but when something bad happens all that good is easily forgotten.
 
Wesley Financial Group is the one I hear all the time, especially on radio. "I didn't want to go to hell for selling timeshares"
 
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