JPMorgan investment FraudA former JPMorgan Chase & Co. investment adviser has been charged with stealing $20 million from clients. Michael Oppenheim recently was arrested at his New Jersey home and charged with fraud and embezzlement. This is just one more headache for JP Morgan, which currently is the subject of an SEC investigation into conflicts regarding sales of JP Morgan proprietary products.

According to the complaint, Oppenheim convinced some of his clients to allow him to withdraw money from their accounts and invest it in low-risk municipal bonds. Instead, he allegedly obtained cashier’s checks and deposited them into brokerage accounts that he controlled. He is accused of spending the money on unprofitable stock and options trades and using some of the money to pay personal bills and a mortgage payment. He allegedly lost approximately $13.5 million of clients’ money.

Prosecutors also accused Oppenheim of trying to cover up his fraud by giving clients fabricated account statements that made it look like he had purchased the bonds that he had promised to buy for the clients.

If Michael Oppenheim stole any of your money or if he abused your trust, contact our New York investment lawyers at Dimond Kaplan & Rothstein to discuss your legal options to recover your money.

EN   ES   PT     

Miami Office
Grand Bay Plaza
2665 S. Bayshore Drive
Penthouse 2B
Miami, FL 33133
Telephone: 786.628.8236

Los Angeles Office
Available by Appointment
2029 Century Park East
Century Plaza Tower
Suite 400N
Los Angeles, CA 90067
Telephone: 424.544.7930

New York City Office
Available by Appointment
14 Wall St, 20th Floor
New York, NY 10005
Telephone: 917.382.5217

West Palm Beach Office
Northbridge Centre
515 N. Flagler Drive, Suite P-300
West Palm Beach, FL 33401
Telephone: 561.475.2887

Detroit Office
41000 Woodward Avenue,
Suite 350 East
Bloomfield Hills, Mi 48304
Telephone: 248.368.0182