PRESS RELEASE: SAN FRANCISCO, Calif. —Model Agreements & Guidelines International (MAGI) today filed a complaint in the County of Henrico, Virginia against International Institute for Business Information & Growth, LLC (iiBIG) for breach of contract, breach of fiduciary duty, and unjust enrichment, in connection with iiBIG’s alleged malfeasance in co-producing MAGI’s Clinical Research Conferences.
“Working with partners has generally served me well, but not in this case,” stated Norman Goldfarb, MAGI chairman. “Based on what I know now, Don Buford, CEO of iiBIG, certainly had me fooled. Based on my understanding of the facts, it appears that Mr. Buford dishonestly exploited his position of responsibility. Fortunately, MAGI is financially sound. We achieved record attendance — 615 — at our conference in Boston in May, with 99% attendee satisfaction. Our Las Vegas conference later this month promises to be very successful, as well, with registrations to date at 110% of goal. We thank our many friends in the clinical research community for their support.”
MAGI terminated its business relationship with Don Buford and iiBIG, effective after the October, 2012 conference in San Diego. The complaint alleges that iiBIG was responsible for collecting conference revenue and contracting with hotels and other vendors. It was thus in a position to misappropriate funds from conferences since the business relationship began in 2006. The complaint alleges that iiBIG is liable for damages of approximately $550,000 in connection with fraudulent, deceitful and malicious acts described in the complaint, including the following:
- Failing to reimburse MAGI for costs or forward profits from the October 2012 conference
- Concealing income
- Charging false and inflated expenses
- Providing false accounting statements
- Engaging in false advertising and other unfair business practices to promote its own conferences and intentionally harm MAGI’s conferences
Don Buford, iiBIG chief executive officer, has responded, through iiBIG’s attorney, that a financial settlement is out of the question.
A copy of the complaint is available at: www.magiworld.org/documents/Complaint.pdf
MAGI issued a clarification letter in December 2012, available at:
Expressions of support for MAGI are available at:
Model Agreements & Guidelines International (MAGI) is streamlining clinical research by standardizing best practices for clinical operations, business and regulatory compliance. MAGI is a voluntary organization, with over 10,000 members, operated by First Clinical Research LLC. Additional information about MAGI is available at: www.magiworld.org.