According to a filing with the U.S. Securities and Exchange Commission Mr. Hanning, will receive a a sum of $3.4 million.
Previously known as the CEO of the Wyndham Vacation Ownership which based its division of Wyndham in Orlando Florida, Wyndham executive Franz Hanning is believed to have walked away from the company with a whopping pay-off of $3.4 Million Dollars. Hanning known to the British consumers as a “Bad Boy” of timeshare was under federal investigation.
Stepping down after the company was named in a federal investigation and after the unlawful discharge of one of its ethical timeshare sales representative, who stood by their beliefs and refused point blank to have any part in the mis-selling of timeshares.
Mr. Hanning is to be, temporarily taken over by Mr. Stephen P. Holmes.
After fighting for unfair dismissal, the ex-employee was awarded damages by the court to the sum of $20 million which did reflex the brutality of the Wyndham unfair dismissal claim.
Since being told of the news, Wyndham has exposed Mr. Hanning’s termination agreement, as well as the $3.4 million severance, which is to be paid in full by this month. The Million Dollar question is or in this case the $3.4 Million Dollar question is “why pay all this money to somebody who you choose to get rid of” or “does Mr Hanning know all about other breaches Wyndham have made against other innocent timeshare consumers?
According to the industry trade publications ARDA. Mr. Hanning was employed by Wyndham or its predecessor for 35 years. Along with been named as chairman of the National Timeshare Association, The American Resort Development Association commonly known as ARDA.
Mr. Hanning broadcasted he was to leave Wyndham and a journalist for Financial News website “Seeking Alpha” claimed the timing was “suspicious” due to Wyndham’s timeshare operation losing a $20 million whistle-blower claim regarding timeshare sales deception mainly targeting elderly customers.
Ms Trish Williams a former Wyndham timeshare sales representative, claimed “she had been wrongfully dismissed for simply “reporting timeshare fraud” of the old and vulnerable. A California jury awarded $20 million to Ms Williams,” and in the case of The United States Court of Appeals for the Third Circuit issued a ruling in the Commission’s favour in FTC v. Wyndham Worldwide Corporation.
Wyndham were also sued by the FTC, for fraudulent charges on consumers’ credit and debit cards and the transfer of hundreds of thousands of consumers account information to a website registered in “Russia”.
The Court also dismissed Wyndham’s fair notice argument.
Back in December 2015 Wyndham Hotels and Resorts did agree to settle FTC charges that the company’s security practices of unfairly exposing the card details of hundreds of thousands of unsuspecting consumers to hackers in three separate data breaches.
The following terms were put in place for Wyndham:
- They must establish a comprehensive program designed to protect the cardholder’s personal data including payment card numbers, names and expiration dates in addition the company will conduct annual information security audits and maintain safeguards in connections to its franchisees’ servers.
This settlement marks the end of a momentous case in the FTC’s efforts to protect consumers from the distress caused by unreasonable data security breaches.
It will provide important protection to consumers, but the court rulings in the case have affirmed the vital role the FTC plays in this important area.”
- Wyndham have to adhere to these requirements for the next 20 years.
Posted on: April 12, 2017
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 0203 519 3808 or email: info@TimeshareConsumerAssociation.org.uk