Jail Time For Moorestown Man In $1.5M Fraud Case

MOORESTOWN, NJ — A Moorestown man has been sentenced to five years, five months in prison for defrauding several investors of more than $1.5 million, Acting U.S. Attorney Rachael A. Honig announced on Wednesday.

Brett Cooper, 44, previously pleaded guilty to an information charging him with one count of money laundering. In addition to his prison sentence, he was sentenced to three years supervised release and fined $25,000.

He will also be forced to pay restitution, the amount of which will be determined at a later date, authorities said.

Cooper was one of three people who solicited investments from a total of eight investors, falsely telling them they could double or triple their initial investments in 60 to 90 days, according to documents filed in the case and statements made in court.

He set up several shell companies, including a company he named Peninsula Water Development and another named Dream Holdings, according to authorities. He had the investors wire money to bank accounts that he had set up for these shell companies, authorities said.

Cooper admitted that rather than invest that money, he deposited it into his personal accounts and used it to pay his living expenses and for other personal matters, authorities said.

He also wired some of that money to the other two conspirators, who were not named by federal authorities.

Cooper was previously found liable for damages related to the fraud scheme in a civil case brought by the Securities and Exchange Commission (SEC). In the civil case, Cooper was ordered to pay over $2 million in damages and fines in November 2015.