Ex-JPMorgan adviser gets five years in prison for embezzling $20 million

ezgif.com-resize (1)A former JPMorgan Chase & Co investment adviser was sentenced to five years in prison on Tuesday after admitting that he stole at least $20 million from client accounts to fund a gambling addiction and to trade in stock options.

Michael Oppenheim, 49, was also ordered by U.S. District Judge Analisa Torres to forfeit almost $20.2 million and pay restitution to JPMorgan after pleading guilty in November to charges of embezzlement and securities fraud.

According to U.S. prosecutors and securities regulators, Oppenheim worked with about 500 wealthy clients as a vice president and private client adviser in JPMorgan’s midtown Manhattan offices.

Prosecutors said that from 2008 to 2015, Oppenheim persuaded clients to let him withdraw some of their money, in some cases millions of dollars, falsely claiming he would invest it in low-risk municipal bonds.

Source: Reuters

Leave a Reply

%d bloggers like this:
A DAILY ROUNDUP OF THE MOST FASCINATING WALL ST, COMPLIANCE AND REGULATORY NEWS.