May 20-17-Houston, Texas
The US Attorney’s Office for the Southern District of Texas advises that Allan George Cooper, 76, of Montgomery, TX, was convicted on two counts related to an investment fraud scheme using his companies Effective Energy Alternatives dba A.G. Cooper Associates and Effective Funding Network.
Cooper, who preyed upon his church group and others, presented himself as an investment advisor and raised about $5 million from unsuspecting victims who thought they were investing in short term loans to companies.
Cooper touted 12% returns. In reality most of the funds were used to pay back earlier investors, a classic Ponzi Scheme, and to fund his own lifestyle.
Cooper faces up to 20 years on each count plus a maximum fine of $250,000.
Link to government press release.
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