Former J.P. Morgan Securities broker Michael J. Oppenheim (CRD# 3021013)
is accused of stealing $20 million of his clients’ money.
Brokerage firms have a
duty to supervise their brokers’ recommendations to clients to ensure that said brokers
are in compliance with securities industry regulations. If a broker violates
securities laws and that client suffers losses as a result, the supervising
firm may be held liable for that investor’s losses for its own negligence
in failing to adequately supervise the broker according to securities
In the case of Michael J. Oppenheim,
FINRA arbitration is the route investors would need to take if they hope to recover their
investment losses. If a broker’s conduct violates any securities
industry laws, the firm that supervised the broker during the time of
the misconduct could be held legally liable for their broker’s misconduct.
In the case of Michael Oppenheim,
J.P. Morgan Securities LLC was his supervising brokerage firm during the time of his alleged misconduct.
From 2011 to October 2014, Oppenheim allegedly stole approximately $20
million of his clients’ money. According to the SEC, Oppenheim told
his clients that their investment dollars were being placed in safe municipal
bonds. In reality, Oppenheim allegedly took the money and placed it directly
in his brokerage account. He later allegedly lost that money in risky
Since 1999, the stockbroker fraud attorneys at Meyer Wilson have been helping
people recover their losses caused by investment fraud and misconduct.
If you invested with former broker Michael J. Oppenheim and you lost money,
we invite you to contact us today at 888-390-6491 or fill out a
free case review form to learn how we can help.