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RIA Fined $2.8M And Owner Barred From Securities Industry

The SEC has fined a former registered investment adviser $2.8 million and barred its owner, Jacob Cooper, from the securities industry. Cooper, who is known as a "Main Street Madoff" by his ex-clients, is alleged to have defrauded investors by using a kickback scheme that caused about $44 million in losses. The owner of San Diego's Total Wealth Management and former host of the radio show "Uncommon Wealth," The SEC believes Cooper put the majority of the $100 million in assets he received under management at the firm with alternative investments or hedge funds that he controlled and then invested in entities with revenue sharing agreements. The SEC additionally alleges that Cooper failed to perform due diligence on the investments. At minimum, one of the investments was discovered to be a Ponzi scheme. Another investment was found to be insolvent at its inception. Between 2009 and 2014, Total Wealth Management earned $1.3 million from the revenue sharing agreements, and Cooper himself received [...]

By |August 18th, 2015|Fraud, Press Releases & News, SEC|
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After FINRA’s 2014 Enforcement Overhaul, Are Bigger Fines Coming?

FINRA doubled its enforcement haul in 2014 by collecting about $134 million in sanctions, leading attorneys to wonder if the trend will lead to bigger fines in the future. During the past year, the regulatory authority hit big names, including Citigroup Inc., Morgan Stanley Smith Barney LLC, and Bank of America's Merrill Lynch unit, with multimillion-dollar fines pertaining to claims that they failed to adhere to FINRA's rules. The indiscretions ranged from banking conflicts of interest to sales practice issues involving retail and small business customers. According to a study by Sutherland Asbill & Brennan LLP, FINRA accrued its largest total of fines since the financial crisis with twenty-five cases collectively earning over $100 million in fines. Sutherland also calculated that the roughly $135 million was more than double the $60 million in fines it imposed on 2013. The total was also much larger than the fines ranging from $28 million to $72 million between 2008 and 2012. FINRA's biggest [...]

By |February 20th, 2015|Press Releases & News|
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Houston Financial Adviser Charged With Fraud

Earlier this week, the SEC charged a Houston financial adviser with fraud for failing to disclose to clients that it was profiting from a broker investing their money in mutual funds recommended by that broker. According to the SEC, Robare Group Ltd., a registered investment adviser that provides services for 350 separately managed accounts and currently managing about $150 million in assets, contracted in 2004 with an anonymous broker that the broker would pay Robare between two and twelve basis points on the client assets that the adviser invested in no-transaction-fee mutual funds on the broker's platform. From September 2005 to September 2013, Robare allegedly aquired about $441,000 in fess from that broker, using the broker for execution, custody, and clearing services for its clients. The agreement provided Mark L. Robare and Jack L. Jones, Jr., the co-owners of Robare, an incentive to recommend the broker's mutual funds rather than other investments that might have been more suitable for the [...]

By |September 4th, 2014|Press Releases & News|
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