Man Sentenced to Prison in Multi-Million Dollar Investment Scheme

Jacob Cooper, who once ran a company called Total Wealth Management, made a plea deal admitting to three counts of making a false statement in connection with the sale of a security, and one count of elder theft. He originally faced 19 felony counts, including conspiracy, elder theft, and making false statements. Prosecutors said Cooper quietly accepted referral fees in exchange for placing clients’ money in certain funds.

A San Diego judge ordered Cooper to spend five years in prison after hearing from some of his elderly victims, who said his punishment was not enough for the $7 million they lost. Several of his victims cried as they told their stories.

"Things did go wrong, it's true, but I believed the investment opportunities were good,” said Cooper. He was reported to have mouthed the words “I love you” to his wife while he was led away in handcuffs. As part of the plea agreement, Cooper paid back $20,000 to each of the victims. He is also required to pay back the $7 million he fraudulently invested.

(Photo credit reporting partner 10News)

Jacob Cooper Sentenced in Fraud Case  10News

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