PEMBROKE PARK, Fla. — For nearly two years, the Maryland-based Middle Class United Cooperative (MCUC) was marketed as a “middle-class hedge fund” that promised economic empowerment through real estate investment.
Today, the organization is in the final stages of a state-mandated dissolution, leaving thousands of members awaiting the return of an estimated $3.3 million in capital.
Among those listed in the cooperative’s leadership is Geoffrey Jacobs, the mayor of Pembroke Park, who is identified as the secretary of the board on the organization’s official website and filings.
When questions regarding the cooperative’s legality first surfaced in June 2025, Jacobs addressed the concerns through his attorney, Michael Pizzi.
In an email to Local 10 News, Jacobs confirmed his role as secretary but stated he had never received any financial compensation or profit-sharing for his service.
He further asserted that he had performed due diligence before joining and believed at the time that the $500 membership fees were not securities, but rather simple participation votes in a cooperative.
Jacobs also claimed that any issues regarding the organization’s standing with the state of Maryland were being actively resolved by a professional accountant.
Despite those assurances, the regulatory situation escalated significantly.
According to a notice issued to members on Oct. 24, 2025, the Maryland Securities Division concluded that MCUC’s $500 membership fees actually constituted investment products requiring registration under state securities laws.
This determination meant that members were denied the standard legal protections associated with registered investments.
While the cooperative stated in the notice that it “respectfully disagreed” with the state’s interpretation, it ultimately agreed to a supervised wind-down and a pro-rata return of funds.
Local 10 News has confirmed through interviews with multiple investors that, despite these formal promises, they have yet to receive their refunds.
Neither Jacobs nor his attorney have responded to recent requests for an update on the status of these missing member funds.
Jacobs’ professional conduct has faced scrutiny in previous jurisdictions, according to records from the Ninth Circuit Court of Appeals and reporting from the Phoenix New Times.
Jacobs was terminated from the Arizona Department of Public Safety (DPS) in 2009.
Federal court records (Case No. 11-16078) show that Jacobs unsuccessfully challenged his termination in Arizona administrative proceedings.
During those proceedings, court documents indicate he admitted to the underlying misconduct that led to his removal.
The Phoenix New Times reported that the internal probe began following a contentious personal relationship between Jacobs and the daughter of then-DPS Director Robert Halliday.
While the investigation examined explosive allegations regarding the unauthorized recording and distribution of explicit imagery, none of those specific accusations resulted in criminal charges.
However, the reporting confirmed that the investigation uncovered evidence of additional misconduct, including at least one instance of dishonesty involving the use of a fraudulent obituary to manipulate airline ticket transfers.
A subsequent federal civil rights lawsuit filed by Jacobs against the DPS was dismissed, a ruling later affirmed by the Ninth Circuit.
The questions surrounding the mayor’s financial ties coincide with an escalating legal battle over his seat in Pembroke Park. Local officials have moved to remove Jacobs from office, alleging he violated the Town Charter by failing to maintain a permanent residence within the town limits.
A Local 10 News investigation revealed that Jacobs and his wife claimed a $535,000 Service-Connected Total and Permanent Disability Exemption on a home in Fort Pierce, which is located more than 100 miles north of Pembroke Park.
Under Florida Statute § 196.081, this specific exemption is legally reserved for a homeowner’s primary, permanent residence. That exemption has since been removed from the property.
The St. Lucie County Property Appraiser’s Office has declined to specify whether this removal was a result of their ongoing homestead tax fraud investigation or if Jacobs personally requested its withdrawal.
Public records indicate the exemption had previously saved Jacobs and his wife approximately $10,000 in annual property taxes.
In addition to the tax exemption, records show the mayor and his wife signed loan documents for the Fort Pierce home in December 2024 that required them to occupy the property as a principal residence within 60 days.
Jacobs has not provided a public explanation for why this primary residency tax benefit and mortgage requirement were attached to a property so far outside the municipality he serves.
Records now show taxable value on the house went from zero to $509,000.
On Feb. 10, 2026, a Broward County Circuit Court judge issued an emergency injunction to block a special town commission meeting intended to oust Jacobs.
The judge’s order prevents the commission from declaring the mayor’s seat vacant until a formal judicial hearing is held.
That hearing is expected to take place in the near future.
On Feb. 3, 2026, Local 10 News sent an email to Jacobs and Pizzi, seeking comment and offering the opportunity to dispute any portion of this reporting prior to publication. We have not heard back regarding this request.
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