Statement of Jonathan Franks, Spokesman for Montel Williams, regarding the New York Department of Financial Services Consent Order
Today, the New York Department of Financial Services entered into a Consent Order with Selling Source and Mr. Williams. Mr. Williams is a spokesperson for Selling Source’s affiliate, MoneyMutual. This Consent Order resolves an investigation into whether or not the Company’s advertising, using Mr. Williams’ endorsement, violated New York law.
The investigation’s scope included, among other things, the manner in which the Company utilized Mr. Williams’ endorsement. Mr. Williams has signed the Consent Order indicating that he agrees to prohibit his likeness and endorsement from being used in any manner that does not comply with the terms of the agreement reached between DFS and the Company.
The DFS has made no finding of a violation of law by Mr. Williams, and the agreement does not require him to pay any fines or penalties. Mr. Williams and his staff have cooperated fully with the DFS throughout the course of the investigation.
As is typical of an endorsement agreement, Mr. Williams has no role whatsoever in the business operations of Selling Source, and his role is limited to that of a celebrity endorser.
We stand by his overall endorsement of MoneyMutual, with the exception, pursuant to the Consent Order, of the State of New York. As to New York, we note that during the period of time in which Mr. Williams has endorsed MoneyMutual, Mr. Williams has received fewer than 10 complaints directly from consumers. All but one of those complaints was resolved to the consumer’s full satisfaction.
Fact: This Consent Order codifies an agreement between the DFS, the Company, and Mr. Williams based upon a deficiency in the Company’s advertisements featuring Mr. Williams’ endorsement.
Fact: Mr. Williams fully cooperated with DFS’ investigation and has required all who work for him or at his behest to do the same.
Fact: The DFS has made no finding of a violation by Mr. Williams himself, and Mr. Williams has agreed to prohibit his endorsement from being used in any manner that does not comply with the agreement.
Jonathan Franks