 | |
| Company type | Private |
|---|---|
| Industry | Invention promotion firm |
| Founded | 2014 |
| Founder | Scott J. Cooper |
| Defunct | 2017 |
| Fate | Shut down by the Federal Trade Commission |
| Headquarters | , United States |
Key people | Matthew Whitaker |
| Website | https://worldpatentmarketing.com |
World Patent Marketing (WPM), founded in 2014 by Scott G. Cooper was a fraudulent Miami-based corporation that presented itself as an invention-promotion firm but was later determined by the Federal Trade Commission (FTC) to defraud investors seeking to market inventions. In March 2018, following an FTC investigation, World Patent Marketing was shut down and Cooper was banned from the patent industry and ordered to pay nearly $1 million in FTC fines.[1]
WPM was described as part of a "long history of invention scammers", although "few exceeded Scott J. Cooper at wringing so much money out of individual victims. The company defrauded thousands of consumers out of millions of dollars by promising inventors lucrative patent agreements. WPM marketed false success stories, collected sizable fees from clients, did not deliver on their promises, and later used threats and intimidation to discourage complaints. The company also recruited a group of notable individuals to serve on their advisory board, and boasted about them in press releases and other promotional material.[2][3]
- ^ Goldman, Alan; Robles, Frances (November 9, 2018). "Acting Attorney General Sat on Board of Company Accused of Bilking Customers". The New York Times. Archived from the original on April 10, 2021. Retrieved April 10, 2021.
- ^ "Episode 876: Patent Deception". NPR.org. November 14, 2018. Archived from the original on April 10, 2021. Retrieved April 10, 2021.
- ^ "Redacted Responsive Records" (PDF). Bureau of Consumer Protection. Federal Trade Commission. Archived (PDF) from the original on March 19, 2021. Retrieved April 10, 2021.