According to a report by Bloomberg News, former JP Morgan Chase broker Michael Oppenheim of Livingston New Jersey, faces federal charges alleging that he stole $20 million from clients over four years. Oppenheim allegedly used the stolen funds to make investments and pay personal bills, including a home loan.
Michael Oppenheim allegedly induced clients to withdraw hundreds of thousands or even millions of dollars from their accounts by promising the clients he would invest the money in low-risk municipal bonds. Instead, it is alleged that he stole the money. It is also alleged that in other cases, Oppenheim simply withdrew hundreds of thousands of dollars of cash from the clients’ accounts without their knowledge. Oppenheim was arrested and charged with fraud and embezzlement. [See U.S. v. Oppenheim, 15-mj-1255, U.S. District Court, Southern District of New York (Manhattan).]
Michael Oppenheim (CRD 3021013) was an active broker for 17 years with the following member firm(s):
J.P. MORGAN SECURITIES LLC
(CRD# 79) – NEW YORK, NY
10/2012 – 04/2015
CHASE INVESTMENT SERVICES CORP.
(CRD# 25574) – NEW YORK, NY
05/2004 – 10/2012
WACHOVIA SECURITIES, LLC
(CRD# 19616) – ST. LOUIS, MO
02/2004 – 05/2004
CHASE INVESTMENT SERVICES CORP.
(CRD# 25574) – CHICAGO, IL
02/2002 – 02/2004
PRUDENTIAL SECURITIES INCORPORATED
(CRD# 7471) – NEW YORK, NY
05/1999 – 07/2001
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
(CRD# 7691) – NEW YORK, NY
04/1998 – 05/1999
If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a free initial consultation.