SEC Claims Total Wealth Management and Jacob Cooper Paid Themselves Kickbacks
Total Wealth Management, Inc. and its owner, Jacob Keith Cooper, breached their fiduciary duties to clients and investors in connection with investments made in the unregistered Altus Capital Opportunity Fund, LP and a series of unregistered funds referred to as the Altus Portfolio Series, according to a cease and desist order filed by the Securities and Exchange Commission (“SEC”).
Total Wealth Management and Cooper breached their fiduciary duties to their clients and investors through a fraudulent scheme to collect, and conceal their receipt of, undisclosed revenue sharing fees derived from investments they recommended to their clients, according to the order. Total Wealth Management and Cooper each received undisclosed revenue sharing fees, which were funneled through entities created by the individuals to mask their receipt of fees, according to the order.
Total Wealth Management and Cooper materially misrepresented to investors and clients the extent of the due diligence conducted on the investments they recommended, according to the order.
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.