Anchor ads are not supported on this page.

4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

The better to bamboozle you

Securities & Exchange Commission freezes assets of Total Wealth Management

Jacob Cooper
Jacob Cooper

The Securities and Exchange Commission today (February 5) announced it has achieved an emergency asset freeze and temporary restraining order against Jacob Keith Cooper and his investment firm Total Wealth Management.

On his KOGO radio program, Cooper had touted his investment savvy and gained clients. But, said the securities agency last August, Cooper was taking kickbacks from the firms whose investments he was touting — without telling his clients.

Sponsored
Sponsored

Then the commission reached a settlement agreement with Cooper, requiring that he put $150,000 in escrow. But the agency said today that it learned that Cooper was pulling a double-dipper: he intended to pay the $150,000 by misappropriating funds from his investors — some of whom got burned twice.

The SEC immediately terminated the agreement and went to federal court for the temporary restraining order and asset freeze, which the agency got. "Cooper's use of investor funds for his settlement with the SEC was never disclosed to or authorized by clients," said the agency.

Cooper admitted to taking $150,000 in investor funds to cover his escrow settlement, although he insists it was "a loan," according to the SEC.

Cooper also admitted that he used investor funds to pay legal fees related to the SEC's proceedings. According to the agency's complaint, Cooper's Total Wealth Management has been charging clients unexplained, inflated "administrative fees" to pay those expenses. He has never told clients what those fees were for, despite repeated requests to do so.

The latest copy of the Reader

Please enjoy this clickable Reader flipbook. Linked text and ads are flash-highlighted in blue for your convenience. To enhance your viewing, please open full screen mode by clicking the icon on the far right of the black flipbook toolbar.

Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Less Than Jake, Spooky Circus In El Cajon, San Diego International Dragon Boat Race

Events October 17-October 19, 2024
Jacob Cooper
Jacob Cooper

The Securities and Exchange Commission today (February 5) announced it has achieved an emergency asset freeze and temporary restraining order against Jacob Keith Cooper and his investment firm Total Wealth Management.

On his KOGO radio program, Cooper had touted his investment savvy and gained clients. But, said the securities agency last August, Cooper was taking kickbacks from the firms whose investments he was touting — without telling his clients.

Sponsored
Sponsored

Then the commission reached a settlement agreement with Cooper, requiring that he put $150,000 in escrow. But the agency said today that it learned that Cooper was pulling a double-dipper: he intended to pay the $150,000 by misappropriating funds from his investors — some of whom got burned twice.

The SEC immediately terminated the agreement and went to federal court for the temporary restraining order and asset freeze, which the agency got. "Cooper's use of investor funds for his settlement with the SEC was never disclosed to or authorized by clients," said the agency.

Cooper admitted to taking $150,000 in investor funds to cover his escrow settlement, although he insists it was "a loan," according to the SEC.

Cooper also admitted that he used investor funds to pay legal fees related to the SEC's proceedings. According to the agency's complaint, Cooper's Total Wealth Management has been charging clients unexplained, inflated "administrative fees" to pay those expenses. He has never told clients what those fees were for, despite repeated requests to do so.

Comments
Sponsored

The latest copy of the Reader

Please enjoy this clickable Reader flipbook. Linked text and ads are flash-highlighted in blue for your convenience. To enhance your viewing, please open full screen mode by clicking the icon on the far right of the black flipbook toolbar.

Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Happy accidents on the Bob Ross soundtrack

Jason Lee and Dave Klein craft new sounds for a classic show
Next Article

Recalling a nighttime firefight in my Rolando condo complex

This was years ago, but I still freeze when I hear anything that sounds like gunfire
Comments
Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close

Anchor ads are not supported on this page.

This Week’s Reader This Week’s Reader