SEC settles action against Travel + Leisure over timeshare loan portfolio disclosure omissions
The Securities and Exchange Commission filed a settled civil action in the Southern District of Florida against timeshare operator Travel + Leisure Co. over undisclosed loan rescission projects. The SEC alleges that between 2019 and 2021 the company removed more than 2,900 delinquent and defaulted timeshare loans totaling about $77 million to meet its loan loss provision guidance. Without admitting the allegations, Travel + Leisure agreed to pay a $975,000 civil penalty, subject to court approval.
Filing (U.S. District Court for the Southern District of Florida) → · U.S. Securities and Exchange Commission, Bloomberg Law, TradingView