Wealth Masters; Wealth Masters International, Kip Herriage; WMI Wealth Masters; Ripoff Doesn't Always Provide Refunds and alter their Policies and Procedures Policy as well as product offering at will. Pasadena Texas
According to the Wealth Masters International (WMI) Founding Member Agreement contract, my initial investment entitled me to specific financial benefits including quarterly profit sharing. That never happened.
I was promised that I would receive my M1 product within a few months of launch, specifically by May 1, 2005. I received my M1 package on September 9, 2005.
Further, the M1 product was not the same product as originally advertised. I was told I would receive a multi-CD set having Jeffrey Comb's "More Heart than Talent" series. Instead, there was only one section on one CD with his information.
I was also told I would receive a series of CD's from Mark Victor Hansen, the author of "Chicken Soup for the Soul." I was even told he was in the recording studio during the month of March making a brand new series specifically for WMI. This was absent from the M1 product I received.
The Sandy Botkin Tax Package was not the comprehensive $1,008 version advertised on his website as promised I would receive. Instead, it was his scaled down $349 package which is just a subset of Botkin's entire package.
I was promised a 4 CD set from Jerry Clark, "The Secrets of Creating Magic in Every Aspect of Your Life" and the "Magic of Colors", which was not included in my M1 package.
I was promised there would be an international M2 event to be held in Cancun Mexico in October of 2005. In fact it since changed and instead will be held stateside in Florida.
I made an investment in WMI as an original founder and Executive Committee member and I was promised specific financial benefits, all bound by signed legal contracts. These will be provided as evidence should this go to litigation.
The CEO Kip Herriage decided to amend the Policy and Procedures document (without signature) almost a month into launch and the original contract clearly states, if I did not agree with the new policy, I was entitled to a full refund. I did not agree with the terms and conditions and having just received my M1 package six months after launch, I asked to return it for a full refund. The company has denied my request.
The terms of the original signed contract have been broken. I've since filed a complaint with the Better Business Bureau of Houston Texas and the Texas Attorney General. Be very careful with this company. You might not get your money back if you don't like the product or should you decide the opportunity is not for you!
Chris
Pottstown, Pennsylvania
U.S.A.
4 Updates & Rebuttals
Chico
San Jose,California,
U.S.A.
What about Filing with the SEC?
#5Consumer Comment
Tue, May 12, 2009
Hello CCPro ,
I haven't stopped looking into this yet.
Has anyone thought about the proper procedure for filing with the commision?
As far as I know, based on previous experience with a pyramid scheme called "EazytoWin", anyone who wants to take a company public has to file intent with the agency---before talking about it to the public.
There's talk about taking WMI public. I even asked the person doing the call recently about it and he said it is a fact. But when I mention my experience he seemed to get defensive and didn't provide any information as to where to find facts which would help me feel at ease.
Well, I've just searched the SEC http://www.sec.gov/idea/searchidea/companysearch_idea.html and guess what? There's no filing. No such thing about WMI.
I hope I'm wrong because if my perception is right, then WMI better get their lawyers busy on solving this glitch because if the agency gets a hold of this, WMI is in for a bumpy ride.
If you're thinking about joining either WMI or CCPRO make sure you get answers to these questions: 1) If anyone out there sells a similar product, how much am I expected to pay? (and don't let them convince you that the product is so unique, nobody--nobody--offers something similar.); 2) If the idea of G.P.T and High-Ticket-Items is so great, why does CCPRO pay such high commision? and 3) Is it legal to promote a future IPO before filing with the SEC and if not, then, where is the filing of intent?
Best of luck.
Chico
From San Jose Ca
Chico
San Jose,California,
U.S.A.
GREAT COMMENTS!!! NOT A SINGLE FOUL WORD.
#5Consumer Comment
Tue, April 21, 2009
Thank you very much you people!!!
I've been impressed with the level of professionalism in the thread. I may be the worst offender yet. So far only clean, respectful language, and no whining!!!.
All the comments seem believable to me.
I've just started looking into CCPRO. There are things I like very much like the promises of help, the money, the apparent ease. But two things I just can't ignore. Purchasing the BIB gives you only eight days to make up your mind; and apparently WMI doesn't have a full-satisfaction-or-you-money-back policy, based on a quick look at the site and the testimonials in this forum; and the the other one is Kip's experience doesn't really impress me since most Mutual fund managers are managing twice what he did, and some do manage more than 15 times that amount.
I was begining to have high hopes CCPRO would be my ticket, since I wouldn't have to peddle my wares in the usual way. But I feel very unconfortable with the fact that just because a person wants to buy a product/service doesn't mean he/she understands it completely. Case in point: mortages and houses.
I joined Miligroup in 2006 and got excited because everyone else was. Shortly thereafter, I realized the philosophy which fueled the growth didn't apply anymore. However, as late into the "boose party" as first quarter 2007, the philosophy was still promoted as a viable strategy, even when many people had left.
Little did I know as early as 2003 THE COMING CRUSH IN THE HOUSING MARKET was written describing all the details that made the real estate market look exactly like we see it now. In the same year the John R Talbot authored wrote SELL EVERYTHING!! the end of the housing bubble.. I had to learn the hard way to realize there were those who knew!!! This lesson has thought me that just because people are making money doesn't mean the activity is moral and ethical. Even though it may be legal for a while.
I'd like CCPRO to be all they say it is, but I just don't like the risk, not so much of my money, but of the of the people who'd buy because of my involvement .
That is something which would not allow me to sleep. I think I'll stick around my $200-month mlm check. At least I if people feel I or the company let them down, they're only out of less than $500.00 and at a lot of it could be refundable--even if used up!!!
Keep up the good work.
Chico.
Rick
Pottstown,Pennsylvania,
U.S.A.
Seems to be a pattern for such a new company
#5Consumer Comment
Wed, September 21, 2005
Hi Chris,
How have you been since you moved away? I noticed you still put Pottstown on your posting.
As you know, I am not an Executive Committee Member (EC) but I did join Pre-launch based on the promises and am in a similar position with Wealth Masters International.
Luckily, I did not throw money away thinking it was an Investment, just an opportunity that could have been! Especially since they keep the money and do not abide by the Investment aspects of the Investment as in the original Policies and Procedures as you state
I just did not get what I paid for and they refused to abide by their Contract. The contract clearly states I would get a complete refund if I did not sign the Final Documents after the Launch of the company I didn't ... I even asked the CEO if he thought I did and to send me a copy ... he didn't!
However, I heard the same thing you say from another EC member who states that it was well known by SOME existing EC members, that the changes to the P&P's were verbal after the initial investment before being changed after a few EC members resigned thinking they still had their Investment. One ex-EC Member is in the company that the CEO said is being investigated 5 ways and that I shouldn't be surprised if I show up on that list I certainly hope not.
Anyway, if you haven't read my post entirely, I think you should I delineate 18 real reasons why I think I was possibly scammed!
We should join forces and promote this website in our e-mail correspondence you know, tell 2 people and they tell 2 people ad infinitum to combat this and to help keep other people from getting in a similar situation!
Good luck in our quest!
Chris
Pottstown,Pennsylvania,
U.S.A.
WMI Pre-Launce Contract
#5Author of original report
Wed, September 21, 2005
The following is the pre-launch contract I signed when I joined WMI. You will see that at launch, I would have a chance to agree and sign the final documents. If I did not agree with the "launch" documents, otherwise known as the Policies and Procedures document, I would be eligible for a refund. It also states I could also view a copy of the signed document at any time.
I didn't receive the documents prior to launch as stated. I received first notice of the final documents on 3/21/05, 21 days after launch. I didn't agree with the terms and conditions of the final documents and therefore I never signed them. I requested a full refund and I was denied. I requested a copy of a signed final contract and that was denied as well because it doesn't exist. I have not kept any commissions. Herein is the pre-launch contract I did sign:
AGREEMENT:
THE FOLLOWING WEALTH MASTERS INTERNATIONAL, LTD. (WMI) INDEPENDENT CONSULTANT APPLICATION AND AGREEMENT IS A LEGAL AGREEMENT BETWEEN YOU, YOUR SPONSORING CONSULTANT, AND WMI. WMI IS EXTENDING TO YOU THE RIGHTS AND BENEFITS OUTLINED IN THE AGREEMENT UPON THE CONDITION THAT YOU ACCEPT THE TERMS CONTAINED IN THE FINAL CONSULTANT AGREEMENT, WHICH YOU WILL RECEIVE BEFORE THE COMPANY'S LAUNCH IN MARCH. INCLUDED AT THE TIME OF LAUNCH WILL BE THE FINAL MARKETING AND COMPENSATION PLAN, THE CONSULTANT AGREEMENT TERMS & CONDITIONS, AND THE POLICIES AND PROCEDURES. IN ORDER TO COMPLETE THE APPLICATION PROCESS AND RECEIVE A WMI CONSULTANT ID NUMBER, YOU MUST INDICATE THAT YOU WILL READ, SIGN, AND RETURN THESE DOCUMENTS. YOUR SIGNATURE(S) AT THE END OF THIS DOCUMENT IS YOUR AFFIRMATION THAT YOU WILL ABIDE BY THIS AGREEMENT.
IF FOR ANY REASON YOU SHOULD RECEIVE THESE LAUNCH DOCUMENTS AND THEN DECIDE THAT YOU DO NOT, OR CANNOT, ABIDE BY THESE STANDARD BUSINESS OPPORTUNITY AGREEMENTS, YOU ARE FREE TO REQUEST AND RECEIVE A FULL REFUND.
I understand that when WMI enters its Launch in March, I will have the final documents sent to me for my approval and signature. If I choose not to sign these documents, I am
eligible for a complete refund of all funds paid to my Sponsoring Consultant.
In addition, I understand that if I request a refund, I will not be eligible to keep any commissions I may have personally earned as a WMI Consultant during Pre-Launch, and I will forfeit my Consultant position with WMI. I will not be eligible to receive the M1 Program or to attend the M2 International Event, in the event of a request for refund.
Finally, WMI will keep a copy of this signed agreement on file, which you can view upon request.