{"id":1594,"date":"2015-02-10T20:28:06","date_gmt":"2015-02-10T20:28:06","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/02\/sec_claims_investment_adviser"},"modified":"2022-03-11T13:40:36","modified_gmt":"2022-03-11T19:40:36","slug":"sec-claims-investment-adviser","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-claims-investment-adviser\/","title":{"rendered":"SEC Claims Investment Adviser Paid for Fraud Settlement With Client Monies"},"content":{"rendered":"

\t\t\t\tThe U.S. Securities and Exchange Commission is accusing investment adviser Jacob Cooper and his Total Wealth Management firm of using client funds to pay for a settlement in a fraud case. Now, in the wake of the allegations, the RIA is facing new securities charges. <\/p>\n

According to the regulator, Total Wealth Management found clients via a weekly radio show, of which Cooper was the host, and also through free lunches.The SEC contends that Cooper and his firm misused investor money and bilked clients<\/a> via “administrative” fees that went unexplained. The fees ranged from $3,500 to $7,500\/per account. The regulator says that to resolve an SEC administrative action from last year, the investment adviser allegedly borrowed $150K in client funds. <\/p>\n

The action accused Cooper of pooling about 75% of clients’ $100 million in assets, placing them in a private fund, and then investing that in unaffiliated funds, which gave clients an undisclosed revenue-sharing fee. In its most recent complaint, the SEC said that Cooper also used investor money to cover the legal fees on a class action that clients brought. These clients were unable to end their relationship with the RIA or take out their money. Following the class action securities case, Cooper sent out an email notifying clients that because of this litigation, all of them would now have to contend with fee increases. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission is accusing investment adviser Jacob Cooper and his Total Wealth Management firm of using client funds to pay for a settlement in a fraud case. Now, in the wake of the allegations, the RIA is facing new securities charges. According to the regulator, Total Wealth Management found clients via […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3781],"tags":[],"class_list":["post-1594","post","type-post","status-publish","format-standard","hentry","category-investment-advisers"],"yoast_head":"\nSEC Claims Investment Adviser Paid for Fraud Settlement With Client Monies — Investor Lawyers Blog — February 10, 2015<\/title>\n<meta name=\"description\" content=\"The U.S. Securities and Exchange Commission is accusing investment adviser Jacob Cooper and his Total Wealth Management firm of using client funds to pay — February 10, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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