Ex-JPMorgan Chase broker charged with stealing $20M from clients

A former JPMorgan Chase & Co. broker faces federal charges he stole $20 million from customers over four years to make investments and pay personal bills that included a home loan. Michael Oppenheim induced clients to withdraw hundreds of thousands or even millions of dollars from their accounts by promising he'd invest the money in low-risk municipal bonds to be held at the bank, FBI Special Agent Matthew Taylor said in a criminal complaint in Manhattan federal court. Instead, he pocketed the cash, Mr. Taylor said. “In other instances, Oppenheim simply withdrew hundreds of thousands of dollars from clients' accounts without their knowledge,” Mr. Taylor said. Mr. Oppenheim, who was fired by the bank last month, at one point had about 500 clients and almost $90 million under his management, according to the complaint. He was arrested Thursday on fraud and embezzlement charges at his home in Livingston, N.J. “We are angry that this person violated the trust our customers place in us and are working with the affected customers,” Michael Fusco, a spokesman for the New York-based bank, said in an e-mailed statement. The alleged theft started in March 2011 and ended last month, the Federal Bureau of Investigation said. It wasn't immediately clear when Mr. Oppenheim would appear in court or who's defending him. The case is U.S. v. Oppenheim, 15-mj-1255, U.S. District Court, Southern District of New York (Manhattan).