Memphis Man Allan D. Cooper Pleads Guilty to Wire Fraud
|U.S. Attorney’s Office September 17, 2013|
MEMPHIS, TN—Allan D. Cooper, 66, of Memphis, Tennessee, pleaded guilty today to one count of wire fraud before United States District Judge John T. Fowlkes, Jr., announced U.S. Attorney Edward L. Stanton, III.
According to the one-count criminal information and statements made in court, between approximately October 2011 and May 2013, Cooper defrauded six individuals of $395,000. According to the information, Cooper made various false and fraudulent statements, representations, and promises to induce the victims to give him money as either a “loan” or an “investment.”
Cooper told some of his victims about an investment opportunity with an old friend of his named “Charlie” and that if the victims would give Cooper funds to invest with Charlie, they would receive a substantial return. In these instances, Cooper frequently gave the victims a post-dated check payable in an amount that represented the principal and the return on the investment. When the victim discovered that the check was worthless, Cooper made other false representations and promises to repay.
Cooper told other victims that he was the owner of Cooper Chemical Company and that if they would loan him funds he would pay them back with substantial interest. In fact, “Cooper Chemical Company” was inactive and not conducting any business. Cooper also falsely represented that if a victim would loan him funds, they would be repaid with interest through disbursements from a trust in which defendant Cooper was a named beneficiary.
Cooper faces up to 20 years in federal prison and a fine of up to $250,000. He is scheduled to be sentenced by Judge Fowlkes on January 10, 2014, at 9:30 a.m. There is no parole in the federal prison system.
This case was investigated by the Federal Bureau of Investigation. Assistant U.S. Attorney Carroll L. Andre, III is representing the government.