Former J.P. Morgan Adviser Michael Oppenheim Admits to Stealing $22M from Clients
In April of 2015, our securities fraud lawyers posted a blog about former J.P. Morgan adviser Michael J. Oppenheim (CRD# 3021013). Oppenheim was accused of stealing $20 million from his J.P Morgan customers. Yesterday, Oppenheim pleaded guilty to one count of securities fraud and one count of embezzlement for stealing what turned out to be around $22 million from his clients. The sentencing hearing has been scheduled for February.
Prosecutors accused Oppenheim of defrauding numerous clients over the course of seven years. The clients expected their funds to be invested in low-risk municipal bonds. Instead, Oppenheim allegedly used the money for his own expenses and sent fake statements that showed profits earned to the clients. Oppenheim was accused of using the funds to pay bills, pay for a home loan, gamble, and pay other investors back.
To learn more about the Michael Oppenheim case, you can read some of our previous blog posts:
- Meyer Wilson Investigates Possible Supervisory Failures of J.P. Morgan Securities LLC
- How to Get Your Money Back if You Invested with Michael Oppenheim
If you invested and lost money with the advisement of former J.P. Morgan adviser Michael Oppenheim, you may be able to take legal action to recover losses. Our securities fraud attorneys at Meyer Wilson offer free case evaluations in order to discuss the specifics of your situation. We can determine if you have a case and explain how we may be able to help you move forward. Call today.