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

Ex-JPMorgan Chase broker charged with stealing $20M from clients
Allegedly was investing in municipal securities, but pocketed money instead
MAY 26, 2015
By  Bloomberg
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).

Latest News

Retirement delays, Social Security fears prompt advisors to rethink income strategies
Retirement delays, Social Security fears prompt advisors to rethink income strategies

Concerns about outliving savings and healthcare costs are reshaping how "Peak 65" Americans and advisors approach income planning.

Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity
Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity

Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

RIA moves: Modern Wealth tops $8.5B AUM as Aspen expands in Connecticut
RIA moves: Modern Wealth tops $8.5B AUM as Aspen expands in Connecticut

Modern Wealth's latest deal for a California-based fee-only RIA marks its fourth acquisition of 2025.

Empower defends private market access in 401(k)s in response to Warren scrutiny
Empower defends private market access in 401(k)s in response to Warren scrutiny

Sen. Warren has warned of private market investment risks due to opacity, illiquidity, and past regulatory issues.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.