Elderly Fraud Victims Of 'Total Wealth' Scheme Sought In San Diego County

SAN DIEGO COUNTY, CA – San Diego County prosecutors put out a call today for additional victims of a multimillion-dollar investment fraud scheme allegedly perpetrated by three men accused of targeting senior citizens who are members of the Mormon church.

A number of alleged victims in and around San Diego are believed to be members of The Church of Jesus Christ of Latter-day Saints, and there may be more victims in Orange County and Utah, according to the San Diego County District Attorney's Office.

"Defrauding investors, some of whom are senior citizens, out of their hard-earned savings is reprehensible," said District Attorney Bonnie Dumanis. "Our Economic Crimes Division is working hard to hold these defendants accountable for their crimes and any additional victims should contact our office."

Defendants Jacob Keith Cooper, 40, Douglas David Shoemaker, 41, and Nathan Phillip McNamee, 40, are charged with conspiracy, theft from an elder and fraudulent sales of a security.

They are accused of making misrepresentations, omissions and false statements regarding Total Wealth Management Inc., an advisory firm with clients in San Diego, Orange County, Virginia, Hawaii and possibly Utah.

Cooper, the sole owner and CEO of San Diego-based TWM, and Shoemaker and McNamee, its chief compliance officers, were all involved in reviewing and preparing investor disclosure documents, according to prosecutors.

According to documents filed with the U.S. Securities and Exchange Commission, TWM had about $103 million under its management in 773 client accounts.

The defendants allegedly failed to disclose a conflict of interest created by the receipt of undisclosed revenue-sharing fees when placing clients' money into other unaffiliated funds that paid the respondents significant fees for doing so.

The defendant also allegedly misrepresented to clients the extent of the due diligence that they conducted on the investments they recommended, and the extent to which client objectives would govern investment strategies.

The defendants allegedly engaged in a pattern of conduct to conceal the revenue-sharing fees they were paid. The monies paid by TWM as consulting fees were the proceeds of the undisclosed revenue-sharing fees, prosecutors allege.

People who think they might be victimized are asked to call the District Attorney's Office at (619) 515-8550.

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