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SEC Accuses San Diego RIA Total Wealth Management Of Using Client Money to Fund Earlier Fraud Settlement

By  of Shustak Reynolds & Partners, P.C. posted on Monday, February 9, 2015.

The Securities and Exchange Commission filed charges against San Diego based investment advisor Jacob Cooper and his firm, Total Wealth Management.  The SEC, which is seeking to freeze the firm’s assets, alleges that Cooper used client funds to settle an earlier SEC administrative action from last April.  In that earlier action, the SEC accused Cooper of fraud for pooling a large amount of client funds into an undisclosed revenue sharing scheme.  The SEC also alleges that Cooper used client money to pay for legal fees on a related class action brought by clients.  Cooper founded Total Wealth Management in 2009 and, prior to the SEC’s latest action, the fund managed approximately $100 million of client funds.

Shustak Reynolds & Partners specializes in securities and financial services law and complex business litigation.  For information, contact Managing Partner Erwin J. Shustak, 619.696.9500

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