Charged with Fraud, Ex-JPMorgan's Michael Oppenheim Sentenced to Five Years for Stealing $20 Million from Clients

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Former JPMorgan Chase & Co. broker Michael Oppenheim, charged with multiple counts of fraud over allegations that he stole $20 million from customers—and schemed to cover it up—reached an agreement to plead guilty, receiving a five-year sentence in exchange for acknowledging and accepting his crimes.

In April 2015, the FBI arrested Oppenheim, charging him with using a fraudulent scheme to steal $20 million from customers while the SEC filed a complaint charging that Oppenheim withdrew customer funds and deposited them into his personal account. FINRA, meanwhile, barred Oppenheim from the securities industry for failure to cooperate with their investigation.

Speaking in federal court before his sentencing for charges which initially included wire fraud, embezzlement, investment adviser fraud, and securities fraud, Oppenheim stated, "I recognize that what I did was horrible." The findings state he wagered his stolen funds on online NFL sports betting and options trading in technology stocks, claiming the illness of gambling addiction contributed to the severity of his actions.

Regardless of Oppenheim's defense, however, the more than $20 million loss to clients is real and was perpetuated, according to court documents, by Oppenheim issuing fake account statements to clients he was stealing from in order to mask his criminal activity and cover up the fraud.

If you have invested with Michael Oppenheim or with any broker or financial adviser whose fraud or theft of your funds, or with JPMorgan or another firm whose internal controls have failed to detect such fraud or attempts to cover it up, such as the fabrication of account statements, has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

News: Ex-JPMorgan broker gets five years for gambling funds away (Investment News)