IPA (International Profit Associates, Buffalo Grove, IL) is scamming small businesses on a nationwide basis, out of millions and millions of dollars a year.
The company is run by a disbarred felon.
The scam:
IPA (also known as IBA) sends a "business analyst" to small, struggling businesses. They hard-sell a financial consulting & loan acquisition service with guaranteed results you don't pay if you are not satisfied. How can you lose?
The business manager/owner executes a consulting contract (enforceable under Illinois law) with a 24 hour cancellation provision (ostensibly so that you can cancel at any time and, remember, you don't even have to pay if you are dissatisfied!).
Once the agreement is executed, it is impossible to contact them to cancel before 3 or, 4 "consultants" arrive at the door (aggregate $800 per hour). At that point, if they are turned away, IPA claims $5,000-$8,000 in expenses (the first days consulting & "travel" expenses).
If they are let in the door to "consult", they churn fees at the rate of $800 per hour, during which time they are analyzing how much the company is worth to them cash flow wise; in other words how much they can draw out of credit cards and, accounts receivable.
Once you recognize that you have been the target of a scam, they provide an invoice for their services.
Immediate cancellation = $8,000 fee
One day cancellation = $10,000-$15,000
Second day cancellation = $15,000-$20,000 fee, etc., etc.
They refuse to leave the premises until they are paid, intimidating many business owners (especially women & minorities) to charge the cost on a credit card or, write a check. Once they leave & the check is stopped or the credit card charge is attempted to be reversed, the business is sued, -in Illinois.
This forces the small business owner to cave-in or, otherwise hire Illinois counsel.
Many businesses have been bilked out of $50,000 to $100,000. Many owners have lost everything. This is has caused many bankruptcies & the demise of many businesses (and, marriages)
IPA pays politicians to speak at company functions - they employ photos of same to build credibility during their presentations.
I have been "investigating" this company since I was conned out of a claimed $17,000. During this time, I have amassed many "insider" documents including the psychographic profiles that they train their scam analysts to develop when sizing-up a target.
This company needs to be stopped. I have been tempted to become an "insider" at IPA or, become a target again & video the scam. I will assist in any way necessary.
It is unbelievable that a company such as IPA can exist in America. This is a national story. Exposing IPA could save many, many small businesses across the country.
Someone needs to expose them.
I will assist in any way.
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