International Profit Associates (IPA and IBA)

[Investor]

I don't know if this is the right board for this, but to all the financial professionals out there, I think it would be worth your time to do a Google search on this company and pass along your findings to your clients. These people are operating nationwide and they are relentless with their sales pitch.

[Investor]

It would take a lot of that kind of IPA for me to let International Profit Associates into my business. As I said, I have no first hand experience, other than their obnoxious sales tactics. But my Google search turned up some information that I couldn't even make up - and from reliable sources, not just the usual disgruntled customer sites. Just to give an example, Inc.com ran an article in which they detail the circumstances under which the founder of the company was disbarred in New York. Those circumstances, according to the article, include the theft of $40,000 from a deceased client's trust fund and the solicitation of a 16 year old prostitute. I'm not joking.

http://www.inc.com/magazine/20000601/19115.html

[wserra]

Burgess was first suspended during the pendency of the disciplinary proceedings, and then disbarred when he ignored the Disciplinary Committee (a generally bad move).

From the suspension opinion, Matter of Burgess, 128 A.D.2d 169, 515 N.Y.S.2d 677 (4th Dept. 1987):

Respondent was admitted to practice by this Court on February 12, 1980. By petition verified the 28th day of August, 1986, the Grievance Committee commenced formal disciplinary proceedings against respondent, and by supplemental petition verified the 21st day of April, 1987, commenced a further formal disciplinary proceeding based upon additional acts of misconduct. In support of its application for an order of suspension, the Committee has submitted documentary evidence as well as respondent's answer to the petition containing certain admissions by respondent.

On May 30, 1985, when respondent testified under oath before the staff of the Committee, he stated that he was a member in good standing of the Bar of the State of Illinois. He subsequently conceded that he had never been admitted to the Bar in that state. He admitted under oath that he refused to comply with lawful directives from the Social Security Administration made on August 1, 1985 and November 15, 1985 to refund an illegal fee of $1,400, until after his client retained another lawyer and brought a lawsuit for recovery of the fee.

In justification of his appropriation of $41,371.37 from the estate of Aleykutty Job, respondent told the Committee staff that he had previously deposited $41,371.37 of his personal funds into the estate account. In fact, the only deposit made in the estate account, as conclusively demonstrated by the bank records, consisted of checks totaling $41,371.37 belonging to the estate. When confronted with the bank records, respondent offered no explanation why he told the Committee that he had made the deposit from his personal funds.

Bank records show that on August 1, 1985, respondent withdrew the sum of $40,000 from the estate account and deposited the proceeds in his office account, and that after August 13, 1985, the balance in his office account was substantially below the sum of $40,000. Respondent's records show that he does not maintain any ledger book or similar record of clients' funds, as required by 22 NYCRR 1022.5(b)(2). Moreover, his records of his escrow bank account show balances substantially higher than those shown by the bank records. When questioned under oath by the Committee staff about these matters, respondent offered no explanation in contravention.

We conclude that the above admissions and uncontroverted evidence demonstrate that respondent is guilty of misconduct immediately threatening the public interest. Clearly, on the evidence before us, he cannot be trusted with clients' funds and he should be suspended forthwith.

From the disbarment opinion, Matter of Burgess,129 A.D.2d 252, 517 N.Y.S.2d 648 (4th Dept. 1987):

The notice and supplemental petition were personally served upon respondent on April 22, 1987. Respondent's time to answer or otherwise move with respect to the supplemental petition was extended to June 1, 1987, and respondent was directed to appear before this Court on June 23, 1987. Respondent failed to answer the supplemental petition and failed to appear personally before this Court on June 23, 1987 as directed, although his counsel did appear. The failure to answer constitutes an admission of the charges, and, together with his failure to appear personally as directed, demonstrates an indifference to the consequences of an adverse determination ( see, Matter of Supples, 102 A.D.2d 699, 477 N.Y.S.2d 530; Matter of Hunt, 40 A.D.2d 9, 337 N.Y.S.2d 32).

Accordingly, respondent has violated Penal Law § 210.05, Perjury in the Third Degree; Penal Law § 210.10, Perjury in the Second Degree; Penal Law former § 155.35, Grand Larceny in the Second Degree; Canons 1 and 9 of the Code of Professional Responsibility, specifically DR 1-102(A)(1), (3), (4), (5) and (6) and DR 9-102(A) and (B), as well as 22 NYCRR 1022.5(a) and (b), and he should be disbarred.

I know I'd trust him to advise me on how to run my business.

Burgess' bio page on the IPA site mentions none of this, just stating that he "practiced law in New York". I'm shocked, I tell you. Shocked.

[Investor]

And if Burgess' checkered past wasn't enough, look to what he's doing now, via IPA:

http://www.ipalawsuit.com/complaint.htm

Why rely on my CPA, law firm, and CFO when I can have the pleasure of dealing with this?

[Investor]

Burgess' bio page on the IPA site mentions none of this, just stating that he "practiced law in New York". I'm shocked, I tell you. Shocked.

It also says he was an executive with a management consulting firm - it leaves out the fact that his departure from that position, according to the inc.com article, involved an incident by which he brought a prostitute into the board room of his employer, after which he was asked to resign.

Where do I sign up to have IPA as my management consulting firm? Oh yeah, with that guy I kicked out of my office yesterday, LOL.

[Investor]

LOL - while I'm sitting here looking at these posts, a woman from IPA calls me to see how things went with the visit from their rep the other day. I sprung all this on her and she said that I'm judging the company unfairly...sorry, I can't stop laughing. Her friendly demeanor went from light and bubbly to grim and demure in no time flat when I mentioned grand larceny and under-aged prostitutes. She knew exactly what I was talking about, too. I give them 2-3 days before they're calling here again.

[webhick]

LOL - while I'm sitting here looking at these posts, a woman from IPA calls me to see how things went with the visit from their rep the other day. I sprung all this on her and she said that I'm judging the company unfairly...sorry, I can't stop laughing. Her friendly demeanor went from light and bubbly to grim and demure in no time flat when I mentioned grand larceny and under-aged prostitutes. She knew exactly what I was talking about, too. I give them 2-3 days before they're calling here again.

Next time they call, tell them that the woman you spoke to was right, that you were judging the company unfairly. Then tell them that you're willing to use them, if they promise to charge you exorbitant fees and that when you die they'll blow through your trust funds and solicit underage hookers.

[Investor]

What I would love to do, is to have them send a team of their "professionals" out, only to be turned away at the door. I wonder how many times I can convince them that I'm interested, waste their time and efforts coming out to my office, and then shoo them away when they get here.

I have now taken on the project of getting the word out about these people to every CPA, Attorney, business owner and other financial professional that I know. The thing is, two out of three CPA's that I contact re: this already know about these guys and have already had run ins with them.

It just makes me sick to think these guys are operating in my town, where most of the businesses have enough problems in the current economy (a lot of automotive depedent companies). To have some slippery salesman convince them that he has the magic answer, only to hasten their demise, makes me ill.

[wserra]

I have now taken on the project of getting the word out about these people

Actually, Investor, as we have seen many times in the past, Quatloos discussions will quickly move up a Google search. It's better to use the full name - International Profit Associates - so that the bots can more easily find it. Don't abbreviate as IPA, use International Profit Associates. Control-v is your friend.

BTW, were you aware that International Profit Associates has an "unsatisfactory" rating with the BBB?

That's International Profit Associates.

[wserra]

Rip-off Report has lots of people unhappy with International Profit Associates. Sites like scam.com and R-O R have a much lower signal/noise than does Quatloos, but where there's smoke . . .

[Investor]

Rip-off Report has lots of people unhappy with International Profit Associates. Sites like scam.com and R-O R have a much lower signal/noise than does Quatloos, but where there's smoke . . .

Yes, those consumer complaint sites have many complaints about International Profit Associates (that's International Proit Associates, in case you missed it ). The fact that the stories are consistent is telling, but I take those sites with a grain of salt. However, the BBB does list them as "unsatisfactory", citing a pattern of complaints. The Illinois Attorney General has acknowledged an investigation into the company (according to a Wall Street Journal article I recently read), and the history of the founder and Managing Director, John Burgess, speaks for itself.

EDIT: Hmm, I wonder if a story involving a sex scandal, an alleged scam artist with past convictions for crime of dishonesty and a lot of "common people" who feel they've been wronged would play well with the NBC Dateline crowd? No, that's probably not their bag of tricks...but just the same, it might be worth someone's time to suggest the idea to the network...

[Demosthenes]

Rip Off Reports is a blackmail scam. He waits until a company or individual has a number of complaints and then approaches the company and person and says that he'll remove those complaints for an $x per month retainer...

[Investor]

Good to know, Demo (seriously); but that doesn't change my opinion about this particular company. I have seen the sales tactics first hand, I have read the opinion of the NY Bar Disciplinary Committe and have read the documents related to the RICO suit. It is my opinion, with or without ROR, that International Profit Associates is bad news. Of course, it is just an opinion, but I feel it is an informed one.

[Demosthenes]

Good to know, Demo (seriously); but that doesn't change my opinion about this particular company.

Nor should it. The company sounds like a pit.

[Demosthenes]

Everyone in every anti-scam group should read this article.

http://www.phoenixnewtimes.com/2007-02- ... ff-report/

I've had a run in with the site owner already and am working with the FTC. Lawyerdud uses the RipOffReport to trash anyone who pisses him off...

[Investor]

LOL, I went to ROR and read Lawyerdude's comments about Quatloos. Very...sane...sounding

I like how he acts as if he's pulling the mask off the Lone Ranger by mentioning your name.

[Investor]

Hey, Demo, apparently Rip-off Report is now saying that, despite the hundreds of complaints against this company, that consumers can be confident when dealing with IPA. Why? Because IPA has "approached ROR with a plan to make all consumers happy with their services". I am just wondering how many zeros were on the "plan" with which IPA approached Rip-off Report. No credibility at all.

[IPA HCMM Scam]

Just spreading the word...

But wait! Theres more! It appears that the IPA scam is running as HCMM from Ohio now. HCMM stands for Huntington Copper Moody Maguire but most of those names are made up (sound familiar?). And guess who is running the Ohio opperation?...IPAs 'little darling' Rob Popkey!

So does IPA (HCMM) have to change names and even states to continue to run their scam? I would think that would work much better if one of the key IPA people wasn't in charge!

[fortinbras]

My 2¢: IPA is also the designation of the International Platform Association. No, it's not about lumber. It's a club of various celebrities, even former Presidents, who make money doing lectures, dinner speeches, motivational speeches, commencement addresses, and the like. It has an annual convention in Washington, DC, where many of these VIPs essentially audition for anyone who might give them a job, and also share advice on making money from public speaking.

If you go to the IPA convention you will have no problem at all being photographes shaking hands with very very famous people, such as George H.W. Bush, Henry Kissinger, yesterday's sports heroes, et al. This is significant because a number of less-than-honest people have gone to such a convention, gotten photographed with several distinguished persons, and then posted the photos with assertion that these VIPs are their good friends, clients, corporate directors, etc.

It is possible that International Profit Associates picked out its name so that people who try to double check will find oodles of respectable people who call themselves members of "IPA" - and assume that means Profit instead of Platform.