Financial coach Dave Ramsey is facing a class-action lawsuit after ex-followers say he deceived them regarding a failed company. Ramsey Solutions and its CEO heavily promoted a time-share exit company called Reed Hein from 2015 to 2021.
But the advisor did not disclose that he was on Reid Hein’s payroll. During this time, the exit company’s revenue increased 40-fold to be greater than $40 million per year.
Meanwhile, it is believed that the financial coach received up to $450,000 per month for his promotion. Ramsey continued to promote the company despite mounting lawsuits against them.
The plaintiffs are asking for $150 million in damages.