The SEC Charges San Diego-Based Investment Adviser

Posted on July 17th, 2014 at 10:43 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

Total Wealth Management, a San Diego-based investment advisory firm, was charged by the SEC with misleading investors and breaching their fiduciary duties to clients.

Total Wealth Management and its owner and CEO Jacob Cooper entered into undisclosed revenue sharing agreements through which they paid themselves “revenue sharing fees” associated with the Altus family of funds. However, they failed to disclose the conflicts of interest created by those agreements when they recommended that clients invested in the Altus family of funds. Total Wealth and Cooper also materially misrepresented the degree of the due diligence conducted on the investments they recommended. 

In addition, Total Wealth’s CCO Nathan McNamee and investment adviser representative Douglas Shoemaker breached their fiduciary duties and defrauded clients by failing to disclose conflicts of interest and concealing the revenue sharing fees they received from the investments they recommended.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston


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