Former New York-based broker Michael Oppenheim was charged with fraud by
the U.S. Securities and Exchange Commission yesterday for allegedly stealing
$20 million from his customers.
The SEC announced yesterday that it was charging Michael J. Oppenheim (CRD# 3021013) with fraud based on accusations that Oppenheim stole $20 million from
his customers. The SEC stated that Oppenheim stole his clients’
money to fund his own investment accounts from 2011 to October 2014. For
the past three years, Oppenheim has been a registered stockbroker with
J.P. Morgan Securities in New York City. According to the SEC, Oppenheim
was terminated on March 18, 2015.
The SEC’s complaint alleges that Oppenheim operated his scheme while
working as a private client advisor at “a major New York financial
institution,” and that Oppenheim promised his clients that their
investment dollars would be put toward securing safe and secure municipal
bonds. However, Oppenheim allegedly lied and deposited his clients’
money directly into his own brokerage accounts where most of the money
was lost in “highly unprofitable options trading.”
In the SEC’s complaint, they accused Oppenheim of then trying to
cover up the theft and financial losses so he could perpetuate his scheme.
Among other things, this involved creating fake
account statements and replenishing investor accounts with other investors’ money.
Additionally, this week criminal charges were filed against Oppenheim in
the Southern District of New York for wire fraud, embezzlement, securities
fraud, and investment adviser fraud.
Since 1999, Meyer Wilson has been helping investors recover their losses
caused by investment fraud and misconduct. Did you invest with Michael
J. Oppenheim of New York? If you did and you lost money, we invite you
to contact a stockbroker fraud attorney at Meyer Wilson today for a
free review of your case