SEC Claims Investment Adviser Paid for Fraud Settlement With Client Monies

美国证券交易委员会bob200体育正在指责投资顾问雅各布·库珀（Jacob Cooper）及其总财富管理公司使用客户资金在欺诈案中支付和解费用。现在，在指控之后，RIA面临新的证券收费。bob200体育

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 firmmisused investor money and bilked clientsvia “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.

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.

SEC表示，在自己的客户投资者带来的案件中使用客户的钱来捍卫自己是利益冲突。它希望冻结全部财富管理的资产并任命接收者。监管机构还希望评估对库珀及其公司的民事处罚。

Ourinvestment adviser fraud lawyersrepresent investors in getting their losses back.

SEC says RIA used client money to pay settlement, Investment News, February 5, 2015

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