Subject: Swiss American Bank

DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION
Jeb Bush, Governor Cynthia A. Henderson, Secretary

David Henry

E-Mail Address:
Re: File Number
Swiss American Bank

Dear Mr. Henry:

The Bureau of Timeshare received your letter regarding the resale of
your timeshare week. The Bureau regulates the creation,
sale, and operation of timeshare plans in the state of Florida, under
Chapter 721, Florida Statutes; the Florida Vacation Plan
and Timesharing Act. The Bureau's jurisdiction is limited to the
provisions contained in the statute.

In response to previous consumer complaints received by the Bureau
concerning Swiss American Bank, the Bureau
conducted an investigation of the company for compliance with chapter
721, F.S. The investigation was concluded after it
was determined that the timeshare resale activities of Swiss American
Bank do not appear to come within the scope of any of
the statutes enforced by the Bureau of Timeshare under chapter 721,
F.S.

Please understand that our inability to investigate your complaint
further is due to the limits of the Bureau's regulation authority
under chapter 721, F.S., and is not due to a lack of concern for your
situation.

However, as a courtesy we have forwarded a copy of your complaint
letter and any documents that you provided, to the
Florida Department of Law Enforcement, in connection with their
investigation of possible criminal law violations. You can
contact them by writing to: Florida Department of Law Enforcement,
Suite N201, 400 West Robinson Street, Orlando,
Florida 32801.

It is also the Bureau's understanding that Swiss American Bank is
being investigated by Florida banking regulators, for the
company's use of the name "bank" in their name, when apparently the
company is not a bank.

The U. S. Postal Inspection Service is also conducting an
investigation of Swiss American and International Appraisals. You
may contact them at:

     Agent S. E. Souza, U.S. Postal Inspector
     U.S. Postal Inspection Service, Providence Domicile
     P.O. Box 6866
     Providence, RI
         02940-6866

     Phone: 401-276-6930, Fax: 401-351-2950.

In an effort to assist you further, enclosed is general information
concerning reselling a Florida timeshare interval. You may
also find helpful information on our website at
http://www.state.fl.us/dbpr/lsc/ts_index.shtml . This is provided to
you for
information purposes only.

Thank you for contacting the Division of Florida Land Sales,
Condominiums and Mobile Homes, Bureau of Timeshare.

Yours truly,

Sheila Norris, Administrative Assistant
for Daniel F. Hogan
Supervisor Enforcement Section Bureau of Timeshare

/sn

Encls.

cc: FDLE



DIVISION OF FLORIDA LAND SALES, CONDOMINIUMS AND MOBILE HOMES
BUREAU OF TIMESHARE - ORLANDO REGIONAL OFFICE
MAILING ADDRESS:
     400 W. Robinson Street · Suite N-509 ·
     Orlando, Florida
         32801

Telephone (407) 317-7225 · Fax (407) 317-7230

INTERNET ADDRESS:  http://www.state.fl.us/dbpr/lsc/ts_index.shtml

Timeshare Resales
                              March 1997

If you own a vacation timeshare — the use of a vacation home for
a limited, pre-planned time— be cautious about people offering to
help you resell it for a fee.

                Most of these sales programs are bogus.

The market for resales is poor. One recent survey found that only
3.3 percent of owners reported reselling their timeshares during
the last 20 years. Still, desperate to sell, many owners have been
taken in by timeshare resale scams.

The Resale Scam: Unscrupulous companies may contact you by phone
or mail. Salespeople are likely to tell you the market for resales
is "hot" and that their company has a high success rate in
reselling units. They may claim to have extensive lists of sales
agents and potential buyers. For an advance"listing" fee, often
$300 to $500, some salespeople promise to sell your timeshare for
a price equal to or greater than your purchase price. To further
entice you, they may offer a money-back guarantee or a $1,000
government bond if they can't sell your timeshare within a
year. Others offer to purchase your timeshare for 80-90 percent
of its appraised value if theydon't sell it within a specified time.

             In reality, the market for resales may vary considerably,
depending on the location and time of year. The lists of sales
agents and buyers may consist of people who have never heard of
the company or have no interest in buying a timeshare. It may
be unlikely that the company can sell the timeshare at all, let
alone at a price equal to or greater than your original purchase
price. In addition, many consumers whose timeshares don't sell
after a year may be presented with a government bond worth only
$60 or $70 or told there's no refund on their listing fee.

                     If You Want to Sell
If you want to resell your timeshare and are approached by a
company offering to help, consider taking these precautions: Don't
agree to anything over the phone until you've
had a chance to check out the company. Ask the salesperson to send
you written materials. Find out where the company is located and
where it does business. Contact the Better Business Bureau, state
Attorney General, and local consumer protection agencies in the
state where the company is located. Ask whether complaints have
been lodged against the company. Ask if the company's salespeople
are licensed to sell real estate by the state where your timeshare
is located. If so, verify this with the state licensing board.

Be wary of companies charging an advance "listing" fee for services.
Consider opting for a company that offers to sell for a fee only
after the timeshare is sold.

You have several other resale options. You may try selling
your timeshare yourself, by placing an ad in a newspaper or
magazine, or contacting a real estate agent familiar with the
area. If all the timeshares have been sold in your development,
consider asking the seller to establish an on-site resales office.
As an alternative, you may consider an exchange program. For a fee,
these programs allow you to arrange trades with other resort units
in different locations.

                      For More Information

The FTC works for the consumer to prevent fraudulent, deceptive
and unfair business practices in the marketplace and to provide
information to help consumers spot, stop and avoid them. To
file a complaint, or to get free information on any of 150
consumer topics, call toll-free, 1-877-FTC-HELP (1-877-382-4357),
or use the online complaint form. The FTC enters Internet,
telemarketing, and other fraud-related complaints into Consumer
Sentinel, a secure, online database available to hundreds of civil
and criminal law enforcement agencies worldwide.
                     FEDERAL TRADE COMMISSION
                         FOR THE CONSUMER
                         1-877-FTC-HELP
                           www.ftc.gov
Produced in cooperation with the American Society of Travel Agents.

--- In UnwantedTimeshares@egroups.com, condovac@e... wrote:
> I have two timeshares in Branson. I said no to the first offer from
> Swiss American and they sent a letter saying it was no longer in
> demand.  In other words if they can't get it for nothing they don't
> want it!!!
> Carol-brittanymama@br...

I do not believe they ever wanted your timeshare just your appraisal
money.

I have two timeshares in Branson. I said no to the first offer from
Swiss American and they sent a letter saying it was no longer in
demand.  In other words if they can't get it for nothing they don't
want it!!!
Carol-brittanymama@br...

Does anyone know of a charity that will not charge me for paperwork
(deed preparation or title work)to donate a time share!!!
Carol-brittanymama@br.....

Parenthesis moderator added

I have paid money to Timeshares By Owner in hopes of selling.
I have had no results in over a year and do not get any straight
answers or refund.  Also the free vacation offer turned out to
be a complete rip off as well.
Doug-dwick43@ho....

Well you can try this mob.. I have only just started with them,
mine is in Sedona Az...www.timesharesbyowner.com. Worth a check out
anyway.
good luck
Chris-Chrisoz2@a....

Chris,  I had my time share listed with them for a year and not
one response. Carol-brittanymama@br...

Dear Terry,
Thank you very much for your advice. I was looking for it.
Recently an agent called Resort Investment Trust Ltd. contacted me,
and asked me to pay $400 for an appraisal. I was wondering whether
I should pay first. This company is located at 4 Regent Center West,
P O Box F-42474, Freeport, Grand Bahama, The Bahamas. Have you
heard of this company? They asked me to send a copy of my deed, a
copy of original contract and other documents to them. I'm afraid
this is a scam. Do you think I should stop dealing with this
company? Thank you and have a Merry Christmas.
Sherry-Ssliu@ra.....

Update:  Most of what you wrote in this message is true of what
these people are doing.  The appraiser from Guaranteed Appraisals
called me Thursday Nov 30,2000.  He wanted my charge card number for
the $399.00 appraisal.  I told him I did not have a card on me and he
could call me at home that evening which he did but I had not had a
change to talk to my husband so I did not answer and just let him
talk to the answering machine.  The guy from Guaranteed Apraisals
name was Harvey Glassman out of Florida.  I asked him what time zone
he was in for the evening phone call.  He said he was in the same
time zone as I in Ohio.  I was suprised.  So I asked him where he
was and he said Florida and we started talking about the election.
I asked him why I needed an appraisal when all the timeshares in my
building were built at the same time, sold within a year or two, all
decorated the same, all maintained the same, all redecorated a year
or 2 ago the same.  He said the people from Globe or Resort
Investments or whoever has to be able to show their customers where
their money is going.  He said that 10% to 20% of my purchase
price paid for the sales presentation that originally sold it to us.
He said that the Resort company would get a copy of the appraisal
and would offer to pay about 80% of the appraised value.  I do not
have to accept that, and I can counter with another offer. I meant
to ask him who would be doing the appraisal and how and when but as
you can imagine he was a fast talker.  Will Harvey Glassman fly
to Las Vegas and get access to my room and look around etc.  He
did say that the appraisal would be my property and that I would get
the original and I could use it any way or any time I wanted
thereafter. I told my husband what all transpired.  He said don't
pay it, based on your first letter.  So I got a brain storm and
called Polo Towers to ask them about appraisals and selling
timeshares and what are they worth now, etc.  I told her I was
contacted by Globe who represented and International Resort Co and
they wanted me to pay for an appraisal etc.  She said "stay away from
those people"  "your timeshare will never get sold"  "get a reputable
realtor".  OK, Terry, what can you offer me!

BARBARA-farris4you@ex...

We were contacted by Globe out of the Bahamas.  Saying they sell
timeshares on the international market.  They said they needed a
copy of our original sales documents, etc.  That we needed to get
an appraisal and they would make us an offer.  They gave us the
names of 4 appraisal companies and are going to have the cheapest
one ($399.00) call me tomorrow.  I suspect they'll want a charge
card number over the phone.  I don't think I'll give it to them.
Feel free so send me any additional info. Thanks for all the info
so far.  Question:  In a large apartment building type timeshare
situation, shouldn't all the timeshares be the same appraised value
if they were all built at the same time, redecorated at the same
time, etc.?  So why do they all have to be appraised for each sale
when the answer to the question is going to be the same.  Barring
some catastrophic damage that could not be repaired that happen to
one.  Thanks!


         "KEITH & BARBARA-farris4you@ex......

Maybe this timeshare group would like to inner-trade instead of using
RCI. Any comments?  Carrroll@HO....

Excellent - If you know where and when you want to go, just put it out
there- and let us know what, where and when you have to trade...
Derelle-<DCarranza@oakdi...

Moderator Note; An egroup is already set up and operating to handle
direct exchanges for owners to owners. It's address is located at
http://www.egroups.com/group/timeshare1

If exchanges can go to this site we can deal with UnwantedTimeshares
on this site.

I have two weeks in Loon NH. One summer the other fall or spring.
Anyone had any luck finding some one to sell them with no upfront
costs.
JWD-Cruzholday@a.....

I also have been bothered by the "bad guys". I even told one caller
that I have an appraisal and would like to send it to them. I asked
for the address but he said he would have to get back to me to find
out if that would be acceptable. Obviously, he never called back.
Maybe this timeshare group would like to inner-trade instead of using
RCI. Any comments?

Sedona is a great place and you could possibly rent it when you
don't want to use it.  I've been doing that for years - with Waikiki,
Reno - Las Vegas is not so easy.  The only place I was ever able to
sell was South Tahoe.  A friend of my then husband was a real estate
broker and sold it to a teacher who already had one week and wanted
another.  It looks like networking is the best bet - and plan to
take a loss.  Derelle-DCarranza@oakdi....

I have a Timeshare in Sedona, AZ at Los Abrigadoes Resort.
Does anyone know someone who will sell my timeshare with no upfront
fees?


             "Classypat" <classypat@ea....>

I agree.  When I got a call from a Detroit appraiser that was going
to appraise my property in Colorado at a cost that is three times
as much to appraise my home, I thought RIT was a front for an
overpriced appraisal, with little intent to purchase my timeshare as
they expressed.  Has anything been done to put these goons out of
business.  The FTC, the U.S. Justice department or the American
Society of Appraisers needs to take some action.

Craig

Moderators Note: The appraisal is not against the law but the
sales/buyer solititation from the Bahamas probably is but it is
outside the reach of Federal Authorities

If you are lucky enough to own your timeshare in Orlando or along
the Southwest Coast of Florida we have discovered a real estate broker
that does not charge any upfront fees. According to Tom Yeary of
The Timeshare Store, Inc. his success rate in selling in those areas
is high enough that they do not charge any fees to list. They only
take a commission when they sell. Tom says "Our main focus being to
NEVER charge up-front fees to owners needing assistance in
advertising and selling their property.  We will earn our commission
when we sell the property!" Let's hear it for them. They can be
reached online at http://www.timesharesale.com/aboutus.htm

You might try what I did.  I got American Express to reverse my
charges.  I'll forward you the group of e-mails I sent to them.
Ironically, after the charges were reversed, I received my appraisal.
So, just for the heck of it, I sent the appraisal to RIT over
a month ago.  Needless to say, I haven't received a word from them
since.  Evidently, the appraisal fee is "the sting".  I'm proud
to say, so far, "I've stung the stingers".  Try sending the following
e-mails to your credit card company, and see if they'll reverse
the charges for you. Try contacting Terry Wilson.  He can give you
the the Federal Trade Commission's web link so you can file a
complaint like I did. Good luck.  Here's my group of e-mails to him.
God, I love it when a plan comes together.

"Terry L. Wilson" wrote
  It is the largest scam going right now, Swiss American, RIT under
investigation Swiss American Bank. Inc. and Resort Investment Trust,
which are soliciting owners to sell their timeshares, are still being
investigated by Florida authorities who have received numerous
complaints. No formal charges have been filed.  In their
solicitations, the companies indicate that they will purchase
timeshare weeks at a reasonable price after the owner
submits an appraisal, which can be obtained from a recommended
appraisal company for fees ranging from $300 to $500. One source at
the Florida Timeshare Bureau believes that the similarity of
operations indicates that the two companies may be
related. In view of that Bureau's limited jurisdiction, the
matters have been referred for further investigation by the Florida
Attorney General.

      Good Luck,
                Christine

Being the dumb little country boy that I am, I got sucked in by
Resort Investment Trust to the extend of $399 for an appraisal.
Nothing ever happened.  They "lost" my documents twice.  It's not all
lost.  I gave two of the units to a charity and used the "official
looking" appraisal (which turned out to be a good estimate of the
actual value of the units) as tax documents.  The $399 also goes as
expenses in the cost of selling the units.  I hope RIT gets put out
of business.

Hello, I think I may have been sucked in once again.  Has anyone had
any dealings good or bad, with TimesharesByOwner?  We too, have a
timeshare in Arizona we are trying to unload.  Anyone interested
please reply!
Chris Osborn

Search Functions  www.crimes-of-persuasion.com   Site Directory

                    Time Shares and Travel Clubs

Timeshares, campgrounds or travel clubs may offer to sell membership
vacation accommodations for five years or more, or until you resell
your interest. Unless you're certain you'll stay healthy, both
physically and financially, and that the company selling the
memberships will stay solvent and in business, prepaid vacations
may not be right for you.

Maintenance Fees

What you may not be told is the extent to which the annual
maintenance fee will increase over time. If the seller claims the
fees will stay the same, beware. Beautiful properties today may be
run-down in five or ten years  without sufficient maintenance.
One annual maintenance fee climbed 76% in six years. Timeshare
operators also may force owners to pay unexpected but obligatory
special assessment fees.

Types of Timeshares

There are different types of timeshare opportunities. The three most
common types are:
       Fixed-unit, fixed-week agreement - the purchaser buys the deed
to the property which allows use of the property for the same time
period each year.
       Right-to-use plan - the purchaser actually leases the property
for a particular time period each year for a set number of years,
usually 10 to 15 years. Under this type of agreement, the ownership
remains with the developer.
       Vacation club or points-based program - the consumer buys
points which are then used like currency to purchase time from the
amount of available weeks at various resorts. The number of points
required to purchase time depends on the season, resort location,
luxury, unit size and demand.

There are also variations in how the time can be used, depending on
the contract.
       Fixed time - In this arrangement, you reserve the same vacation
weeks each year.
       Floating time - In this case you do not reserve specific dates
each year, but rather, reserve a certain season each year, usually
within a three to four month period. You must then reserve a specific
vacation period in advance. Reservation confirmation is usually on a
first come, first serve basis.

Common Sales Practices
       Holding contests then not informing consumers they must listen
to a lengthy sales pitch before receiving their "prizes."
Misrepresenting the facility's physical condition, market value and
resale or exchange potential.
      Making oral promises that are omitted from the written contract
and including fees and obligations in the contract that are never
mentioned orally.

Contractual Obligations
     Timeshare sales contracts usually include clauses that disclaim
any promises made during the sales pitch. The contract you sign will
ask you to agree that you are making the purchase only on the basis
of the representations in that contract. Prospective purchasers who
notice differences between what is in the contract and what was
promised by the salesperson are likely to be told that the contract
is only "legal jargon."

If a timeshare salesperson will not put a promise in writing, don't
go through with the sale. You will be forced to argue afterwards
that you relied on that promise, even though you signed a contract
that explicitly says you did not rely on any promises.

Secondary Market
If you decide to buy a timeshare or membership in a vacation club,
be aware that resales are difficult, if not impossible, because
there's no secondary market. As far as timeshares for investments:
they rarely appreciate in value.

In fact, the likelihood is that you will lose money on the sale of a
timeshare. The original price may have included premiums of up to 40%
to cover sales costs. As a result, a resale will yield as little as
60% of the purchase price. Then you will have to pay a new commission
(often as high as 20%) to the broker who sells the property for you.

In general the market for resales is poor and may vary considerably,
depending on the location and time of year. One recent survey found
that only 3.3% of owners reported reselling their timeshares during
the last 20 years. Still, desperate to sell, many owners have been
taken in by timeshare resale scams.

You have several resale options. You may try selling your timeshare
yourself, by placing an ad in a newspaper or magazine, or contacting
a real estate agent familiar with the area. If all the timeshares
have been sold in your development, consider asking the seller to
establish an on-site resale's office. As an alternative, you may
consider an exchange program. For a fee, these programs allow you to
arrange trades with other resort units in different locations.

Resale Reality

One company which offers resale services for timeshare units,
campground sites and deeded vacation holdings says they are agents
for English and Danish companies who successfully market timeshare
units and campgrounds throughout Great Britain and the European
Economic Community ("EEC") countries. They tell you the market for
resales is "hot" and that their company has a high success rate in
reselling units. They claim to have extensive lists of sales agents
and potential buyers.

They say that there is a strong demand for timeshares overseas, and
that they can sell your property at a high price. They further state
that if they do not sell your timeshare within a specified time,
typically nine or twelve months, you are guaranteed to receive, from
another overseas company, 90% of either the appraised value of the
property or the property's list price.

They charge an advance listing fee from $200 to over $4000 for this
service. To further entice you, they offer a money-back guarantee or
a $1,000 government bond if they can't sell your timeshare within a
year.

Sadly, it is unlikely that the company can sell the timeshare at all,
let alone at a price equal to or greater than your original purchase
price. Their lists of sales agents and buyers consist of people who
have never heard of the company or have no interest in buying a
timeshare.

In addition, consumers whose timeshares don't sell after a year are
presented with a long-term government bond presently worth only $60
or $70, or are told there's no refund on their listing fee. Never
providing the promised sales or service, they move their operations,
along with your money, from place to place throughout the country.

Yet another caller purports to represent a real estate investment
company that wants to market or buy your timeshare property for a
high percentage of its appraised value. They say an appraisal must
be performed by one of the company's recommended appraisal firms.

You pay as much as $400 to have the appraisal completed, so the sale
can go through. But after the appraisal fee is paid, you never hear
from the investment company again.

So, if you own a vacation timeshare, go for a company that offers to
sell for a fee only after the timeshare is sold.

What You See...

Evergreen Resorts, a company which markets travel and camping clubs
and sells lists of potential customers to other marketers, deceived
consumers by displaying a truck it never intended to give away. They
displayed a brand-new pickup truck in malls, fairs, and recreational
shows as a major draw prize award.

They would call consumers who filled out the entry slips and
congratulate them, saying they had "won" if they attended a sales
presentation for travel, camping or timeshare services or
memberships.
Attendees found they won a secondary prize, not the truck.

And although they advertised that a truck would be given away yearly,
an investigation revealed that no trucks were given for two years
until the Attorney General was contacted. Even then the truck finally
awarded was not the same as the one displayed.

Expecting to receive a new four-wheel drive, fully-loaded Chevy truck
as displayed, the winner instead got a stripped down basic model,
priced about half, with no 4-wheel drive, no radio, no carpeting, no
clock, no tilt, no aluminum wheels, no extras.

Clubbed On The Head

You receive mailings and calls encouraging you to attend a sales
presentation for a travel club membership. You are promised
"guaranteed lowest price" travel along with large savings and
rebates on travel arrangements if you purchase a membership.
Membership in the club is said to include access to vacation
condos at a reduced rate and special packaged trips and/or cruises.

To get you to buy a membership, costing $1995 to $4995, plus annual
dues of up to $200, they promise exaggerated savings, and state that
the Attorney General controls their sales methods by (1) requiring
them to sell only a limited number of memberships, (2) offering for
sale only certain packages for certain prices, and (3) requiring "one
day only" prices.

Even though they say the sales presentation will last only about
sixty minutes your's exceeds three hours in length during which time
they state; the travel club membership can be canceled at any time
even though the contract states it is non-cancelable and
non-refundable; that it's in your best interest to sign an
excessively one-sided contract giving them the option to cancel,
create or change conditions without your approval or a corresponding
right to cancel; you are to get a five percent rebate on all travel
booked through Vacations Outlet, when in fact, the rebates only apply
to certain types of travel; you are to get free airline tickets for
attending the presentation but fail to say they require a seven to
ten night hotel stay at your expense; and that they are a member of
various tour operator and travel agency associations, when, in fact,
they are not.

They fail to: make requested travel arrangements; obtain the lowest
price; honor their cancellation policy; deliver on promises that you
would save thousands of dollars in airfare and other travel expenses;
or disclose that flights will be canceled unless 50% of each charter
flight is booked in advance.

In addition to making false promises, they use "free prize" offers to
lure people to attend the sales presentations and fail to give
refunds within the required cancellation period. To take advantage of
these so-called savings, you would have to constantly be on the go as
your membership fees are more than what you would spend in a year for
travel.

Key Inducement

Through direct mail and telephone solicitations, American Campgrounds
offered consumers a chance to win a Chevy Tahoe or $25,000 in cash in
their "If The Key Fits, Drive It!" contest and a trip in their
"Carnival Cruise for Two" promotion.

Instead of an actual chance at a major prize, each person who made a
reservation and traveled to the campground received an inexpensive
watch and a vacation certificate providing only lodging, which was
subject to limited availability and conditional upon attending a
high-pressure time-share sales presentation.

Sneak Critique

You are offered a free trip if you attend a "travel seminar" and fill
out a questionnaire. You are specifically told that the travel
seminar is not a sales presentation just that the Travel Club simply
wants you to critique a travel video.

The travel seminars are, in fact, high-pressure sales presentations
for memberships in a "travel club". Membership costs range in price
from $2,000 to more than $3,000.

You are told that the free trip you are going to get for attending
the "travel seminar" includes airfare and lodging at a destination
chosen by you. Instead, what you get are travel certificates which
do not include airfare and can be used only at a time share resort.

In order to use the certificate, you are required to choose three
destination choices, at least 100 miles away, and pay a "$50
refundable room guarantee deposit." The Travel Club ultimately
chooses the destination, and you are not told you will be required
to attend a high-pressure time-share sales presentation in order to
receive the refund.

Reprint from
http://www.crimes-of-persuasion.com/Crimes/InPerson/MajorPerson/
time_shares.htm

We already had a vacation rental business underway when we purchased timeshares
at Paradise Village and Embarcadero Pacifico.  Since many of our Sitka Alaska
guests come for the great fishing, we thought they might also find more fish
variety and warmer climate fishing out of Puerto Vallarta.  At the same time
they could stay at very beautiful accommodations with many amenities at rates
lower than ours in Sitka.

Obviously that did not happen, although we have found some people interested
enough to rent our time at the Mexico resorts.  Those people enjoyed their
vacation there and one expressed interest in returning again sometime.

Our problems are floating time that expires every year after banking it for an
extra year when we do not rent the time.  The management and advertising time we
put into the effort also wears on us.  The expenses, although low, could
significantly increase with the expiring time.

With these thoughts we wish to enter into dialog seeking assistance from others
who have experience with these time share arrangements and how to recoup
financial investment.



[Non-text portions of this message have been removed]

Have a Prospect "Test Drive" your week.
      2,000,000 timeshare owners are currently trying to sell their
ownership. They are paying money to advertise for rental or for sale
and  97% have not sold over the last 20 years and most will not rent.

      The retail vacation rental market is for the most part dominated
by a few hospitality giants with huge marketing programs and
advertising budgets. These corporations spend an average of 45% of
rental income on marketing. To rent your week you must compete with
these corporations.

      Piedmont Travel's innovative program has spent the marketing
money find a rental for your week. By offering the prospect a
discount in order to solicit the sale of timeshares we are able to
solicit the prospect to make an offer on your week at the time he is
vacationing in it and most likely to buy. Our prospects pay the price
of an average maintenance fee to try a timeshare before they buy. All
offers are submitted to you for your acceptance.

      Our program is totally free of charge to you. We hope that after
you sell your timeshare you will use our services in the future. Our
website pages describing our program is located at the following
address http://www.vacationtrades.com/rent_to_sell.html.

      If you have any questions call 407-518-9265 weekdays 9:00 to
7:00 Eastern.

Many of our clients who have paid off their timeshare mortgages and
have not been able to sell and who do not want to burden their heirs
with exchange hassles and maintenance fees have been able to donate
their timeshare to a non-profit charity.
      The Christopher Foundation, a North Carolina non profit charity,
(http://www.thechristopherfoundation.org/donating_timeshares.html)
accepts certain timeshares as donations. They then pay resort
maintenance fees and provide needed funds to other charities like
Hospice Care and March of Dimes through raffles and auctions.
        If they accept your donation you may deduct from your taxes an
amount equal to the fair market value of your timeshare. The maximum
value you may claim without a certified appraisal is $5000.00 plus the
costs of donation. This donation would return a portion of your
expenses without the problem of trying to find a buyer.
     If you donate a timeshare before the end of the year Piedmont
Travel will pay for the title work which will save you $200 on the
donation costs and they will extend a one-year travel club membership
allowing condo vacations for maintenance fee prices to those who
donate.
     If you have any questions please email condovac@... or
call (407) 518-9265 from Monday-Friday 9:00 AM to 6:00 PM.

Swiss American "Bank" Targets Resellers in Aggressive
                             Telemarketing Operation

                  Florida Attorney General Opens Up Investigation,
Seeks Victims

As evidenced by a dramatic increase in inquiries received at
TimeSharing Today, Swiss American Bank is
stepping up the level of its activities in seeking to have potential
resellers buy an appraisal as a prerequisite to
Swiss American Bank's making a purchase offer. Although TimeSharing
Today has written about this company
previously, many readers have apparently forgotten or never read the
original article. Accordingly, we are
reprinting portions of the article from the Jan/Feb issue; additional
comments follow to reflect subsequent events
and investigations. Here is the original article:

"The current campaign by Swiss American Bank, Inc. to get timeshare
owners to pay $399 to $485 for an appraisal sounds
remarkably like the operation recently run by Resort Investment Trust.

According to the documents given to our investigator and subscribers
who have contacted us, the company claims to be a
"multi-national privately held investment bank." The bank's primary
business is "to purchase, then package individual
timeshare or interval weeks into professionally managed property
portfolios, in a tax-free environment."

The salesman had told our investigator that Swiss American would be
interested in purchasing his timeshare but certain
documents must first be mailed to the "Documentation Center" in Boca
Raton, Florida in order that Swiss American Bank
can perform its "due diligence" investigation prior to making an offer
to purchase.

One of the required documents is "a recent appraisal." When asked why
the company did not secure its own appraisal, the
answer was, "That would be against the law." Prospective sellers are
told that the Swiss America Bank could not even
recommend an appraiser, but that a "multiple-listing broker" would
soon contact them with some information about
appraisers.

A few days later, prospective sellers receive a call from the
"International Multi Listing Service". After "checking his
computer," four appraisal companies, with fees ranging from $399 to
$485 are found. One is Interval International Appraisal,
another is RCI Appraisal.

Several days later, the appraisal company calls, using a canned pitch
which describes the appraisal process in the exact
language used by the person from the "International Multi-Listing
Service." The seller is told that the appraisal would take
about eight weeks.

No telephone listings could be found for International Multi-Listing
Service, for three of the four appraisal companies or for
Swiss American Bank.

Although Swiss American's stationery lists offices in various cities
around the world, including Portland, the only apparent
contact with Portland, Oregon is the location of the company's
registered office in nearby Salem, Oregon. No phone is listed
for Swiss American Bank in Portland. The incorporation documents for
Swiss American Bank, Inc. were filed in Oregon in
September, 1998."

Since this article was published, Swiss American Bank has changed its
stationery to eliminate the Boca Raton, Florida
address for the "Documentation Center." The appraisal and other
documents are now requested to be sent to "Investment
and Acquisitions" at an address in The Bahamas. A Swiss American
salesman told our investigator that he was calling from
the Boca Raton office, which was now used only for telemarketing, and
that "all the legal work is in the Bahamas."

Another recent change in the stationery is that Portland is now Salem
in the list of alleged worldwide locations.

RCI, the exchange company, has commenced a lawsuit against RCI
Appraisals, one of the companies recommended by
Swiss American Bank, to prevent unauthorized use of the RCI name. (The
representative from RCI Appraisals had told our
investigator that they had been part of the RCI exchange company a
number of years ago but were no longer connected.).

The Florida Timeshare Bureau has received numerous complaints from
people who paid the appraisal fee and then never
heard further from Swiss American Bank after sending in the requested
documentation.

An e-mail was received by TimeSharing Today from someone who claimed
to have sold a week to Swiss American Bank
after he secured his own appraisal. However, the party did not respond
to our further inquiries for details of the transaction
and we suspect that the e-mail was not bona fide.

When our investigator asked his Swiss American Bank salesman for a
blank copy of the purchase offer form that would be
forthcoming after the appraisal had been completed, the salesman said
he would try. No purchase offer form has been
received and the salesperson is no longer responding to our
investigator's calls.

A company representative told our investigator that Swiss American
Bank has been in business for 20 years and that
numerous weeks had been bought by Swiss American Bank at Westgate and
other resorts in Florida's Orlando (Orange
County) area. While right-to-use timeshare documents are seldom
recorded, deeded weeks are recorded just like any other
property deed. However, a recent check of the deed registry for Orange
County, Florida, going back more than 10 years,
did not disclose one recorded deed into Swiss American Bank.

Cliff Hagberg, a Massachusetts timeshare resale broker and former
chairman of the ARDA Resale Task Force, is now
working with the Florida Attorney General's office in its
investigation of Swiss American Bank. Mr. Hagberg, who has
previously testified as an expert witness for the government in
criminal actions involving resale scams, has asked TimeSharing
Today readers who may have been victimized by Swiss American Bank to
contact Stuart Hudson of the Florida Department
of Law Enforcement, 400 W. Robinson St., Orlando, FL 32801; the phone
number is 407/245-0801.

A similar operation under investigation by Florida officials, Resort
Investment Trust, has recently closed its Florida office and
consolidated its operation in the Bahamas. That company also continues
to telemarket prospective sellers from a Florida
office. Some Florida investigators have unofficially speculated that
Resort Investment Trust and Swiss American Bank are
controlled by the same individuals.

A copy of this article and an invitation to respond was sent to Swiss
American Bank by certified mail to its offices in
Boca Raton and in The Bahamas more than two months ago. No response
has been received.

Subject: Swiss American Bank

DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION
Jeb Bush, Governor Cynthia A. Henderson, Secretary

David Henry

E-Mail Address:
Re: File Number
Swiss American Bank

Dear Mr. Henry:

The Bureau of Timeshare received your letter regarding the resale of
your timeshare week. The Bureau regulates the
creation, sale, and operation of timeshare plans in the state of
Florida, under Chapter 721, Florida Statutes; the Florida
Vacation Plan and Timesharing Act. The Bureau's jurisdiction is
limited to the provisions contained in the statute.

In response to previous consumer complaints received by the Bureau
concerning Swiss American Bank, the Bureau
conducted an investigation of the company for compliance with chapter
721, F.S. The investigation was concluded after it
was determined that the timeshare resale activities of Swiss American
Bank do not appear to come within the scope of any
of the statutes enforced by the Bureau of Timeshare under chapter 721,
F.S.

Please understand that our inability to investigate your complaint
further is due to the limits of the Bureau's regulation authority
under chapter 721, F.S., and is not due to a lack of concern for your
situation.

However, as a courtesy we have forwarded a copy of your complaint
letter and any documents that you provided, to the
Florida Department of Law Enforcement, in connection with their
investigation of possible criminal law violations. You can
contact them by writing to: Florida Department of Law Enforcement,
Suite N201, 400 West Robinson Street, Orlando,
Florida 32801.

It is also the Bureau's understanding that Swiss American Bank is
being investigated by Florida banking regulators, for the
company's use of the name "bank" in their name, when apparently the
company is not a bank.

The U. S. Postal Inspection Service is also conducting an
investigation of Swiss American and International Appraisals. You
may contact them at:

     Agent S. E. Souza, U.S. Postal Inspector
     U.S. Postal Inspection Service, Providence Domicile
     P.O. Box 6866
     Providence, RI
         02940-6866

     Phone: 401-276-6930, Fax: 401-351-2950.

In an effort to assist you further, enclosed is general information
concerning reselling a Florida timeshare interval. You may
also find helpful information on our website at
http://www.state.fl.us/dbpr/lsc/ts_index.shtml . This is provided to
you for
information purposes only.

Thank you for contacting the Division of Florida Land Sales,
Condominiums and Mobile Homes, Bureau of Timeshare.

Yours truly,

Sheila Norris, Administrative Assistant
for Daniel F. Hogan
Supervisor Enforcement Section Bureau of Timeshare

/sn

Encls.

cc: FDLE



DIVISION OF FLORIDA LAND SALES, CONDOMINIUMS AND MOBILE HOMES
BUREAU OF TIMESHARE - ORLANDO REGIONAL OFFICE
MAILING ADDRESS:
     400 W. Robinson Street · Suite N-509 ·
     Orlando, Florida
         32801

Telephone (407) 317-7225 · Fax (407) 317-7230

INTERNET ADDRESS:  http://www.state.fl.us/dbpr/lsc/ts_index.shtml

Office of the Comptroller • Department of Banking and Finance • State
of Florida
Tallahassee, FL 32399-0350 • (850) 488-0286 • Fax: (850) 921-7243

Offices: Miami (305) 377-5213 Ft. Lauderdale (954) 712-4800
Jacksonville (904) 390-4660 West Palm Beach (561) 837-5054
Pensacola (850) 494-7380 Tampa (813) 272-2565
Orlando (407) 245-0760 Tallahassee (850) 487-2904

For Immediate Release
December 14, 1998
Contact:
John Willard or Brenda Liberti (561) 837-5054

                           Swiss American Bank Not a Bank

West Palm Beach---The Florida Comptroller's Southeast Regional Office
of the Department of Banking and Finance (DBF)
has filed an Administrative Complaint against Swiss American Bank of
Boca Raton to stop calling itself a bank. An
investigation by DBF reveals that Swiss American Bank is not a federal
or state chartered bank. The Swiss American Bank
located at 3200 North Federal Highway, Suite 215, in Boca Raton is
actually a telemarketing operation that contacts
consumers seeking to sell their timeshares.

The administrative complaint alleges that Swiss American Bank has
illegally used the word "bank" in violation of Chapter
655, Florida Statutes, which is the state banking code. The complaint
states DBF intends to issue a Final Order to halt the
company's use of the word "bank" in violation of state law.

Consumers need to be aware that they are not transacting business with
a licensed banking entity. Swiss American Bank
claims to be a "multinational, privately held investment bank", with
offices located in Geneva, Gibraltar, Hong Kong, London,
Rome, Portland, Nauru, Nassau and Boca Raton, Florida. According to
the company's promotional literature, the primary
business of Swiss American Bank is "to purchase and then package
individual timeshare or interval weeks into professionally
managed property portfolios, in a tax free environment."

The purchase and sale of timeshares or interval weeks does not fall
under the jurisdiction of DBF. Information obtained by
the department will be referred to those state agencies that may have
regulatory authority over this activity.

When you try to sell a timeshare it is not that the asking price is
not fair to someone that is at a timeshare presentation and ready to
buy. The problem is that almost all timeshare is sold at high
pressure sales presentations and almost never after someone cools
off. That is why they insisted that you make a decision the day of
your sales presentation.
      Better than half of what you paid was for the marketing cost for
that sales pitch and virtually all timeshare is sold that way. If
classified ads, websites and other advertising worked you would been
sold that way.
     Currently there are 2 million timeshare owners who are trying to
sell and most pay for ads or appraisals or even websites. 96% are
never successful at selling* even for a few hundred dollars
regardless of their method. Five star condominiums used in timeshare
cost about $100,000 and when divided by 50 owners that equals $2000
per week average real estate value. If you have paid a listing fee,
appraisal or marketing fee to sell a timeshare for more than its
value you may have been the victim of a resale scam. The FTC online
complaint form is linked below.

*source Federal Trade Commission
     Below is the Federal Trade Commission Website
   http://www.ftc.gov/bcp/conline/pubs/homes/resales.htm

Swiss American Bank: Same game, different name

     The current campaign by Swiss American Bank, Inc. to get
timeshare owners to pay $399 to $485 for an appraisal sounds
remarkably like the operation recently run by
Resort Investment Trust.

     According to the documents given to our investigator and
subscribers who have contacted us, the company claims to be
a "multi-national privately held investment bank." The bank's
primary business is "to purchase, then package individual
timeshare or interval weeks into professionally managed
property portofolios, in a tax-free environment."

     The salesman had told our investigator that the company
was purchasing and then reselling the timeshares to corporations
which used them for employees. They would be interested in
purchasing his timeshare but certain documents must first be
mailed to the "Documentation Center" in Boca Raton, Florida in
order that Swiss American Bank can perform its "due diligence"
investigation prior to making an offer to purchase.

     Naturally, one of the required documents is "a recent
appraisal". When asked why the company did not secure its own
appraisal, the answer was, "That would be against the law."
Prospective sellers are told that the Swiss America Bank could
not even recommend an appraiser, but that a "multiple-listing
broker" would soon contact them with some information about
appraisers.

     A few days later, prospective sellers receive a call from
the "International Multi Listing Service". The representative
needs to know where the timeshare is located in order to
provide a list of appraisers. After "checking his computer",
four appraisal companies, with fees ranging from $399 to $485
are found. One is Interval International Appraisal, another is
RCI Appraisal.

     Several days later, the appraisal company calls, using a
canned pitch which describes the appraisal process in the exact
language used by the person from the "International Multi-Listing
Service." The seller is told that the appraisal would take about
eight weeks.

     No telephone listings could be found for International
Multi-Listing Service, for three of the four appraisal companies
or for Swiss American Bank.

     Although Swiss American's stationery lists offices in various
cities around the world, including Portland, the only apparent
contact
with Portland,Oregon is the location of the company's registered
office in nearby Salem,Oregon. No phone is listed for Swiss
American Bank in Portland. The incorporation documents for Swiss
American Bank, Inc. were filed in Oregon just four months ago, in
September, 1998.

     If any subscribers have paid the appraisal fee, we would be
interested in knowing what next transpired.

     Reprinted from Timesharing Today.


Swiss American, RIT under investigation

      Swiss American Bank. Inc. and Resort Investment Trust,
which are soliciting owners to sell their timeshares, are
still being investigated by Florida authorities who have received
numerous complaints. No formal charges have been filed.

      In their solicitations, the companies indicate that they
will purchase timeshare weeks at a reasonable price after the
owner submits an appraisal, which can be obtained from a
recommended appraisal company for fees ranging from $300 to $500.

      One source at the Florida Timeshare Bureau believes that the
similarity of operations indicates that the two companies may be
related. In view of that Bureau's limited jurisdiction, the
matters have been referred for further investigation by the
Florida Attorney General.

From Timesharing Today