The Securities and Exchange Commission on Monday charged an investment adviser, with, among other things, failing to tell clients who paid asset-based fees that the firm also received revenue-sharing payments for putting and keeping certain securities in the clients' portfolios. In addition to charging the firm, San Diego-based Total Wealth Management, Inc., the SEC also charged Jacob Keith Cooper, its co-founder, chief executive and owner; its current president and chief compliance officer, Nathan McNamee; and its co-founder and former CCO, Douglas David Shoemaker. "Investment advisers owe a fiduciary duty of utmost good faith and full and fair disclosure to their clients. Total Wealth violated that duty with its pervasive practice of placing clients in funds holding risky investments while concealing the revenue sharing fees they paid themselves," Michele Wein Layne, director of the SEC's Los Angeles Regional Office, said of the investigation her office had conducted. The SEC
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