Update on Michael Oppenheim

Were you a victim of Michael Oppenheim? If so, The White Law Group may be able to help

Former JPMorgan Chase & Co. broker Michael Oppenheim pled guilty to securities fraud and embezzlement. Oppenheim allegedly stole more than $22 million from clients through a scam that targeted 10 of his wealthiest clients. Oppenheim used the money to gamble and for personal expenses.

Oppenheim’s scheme allegedly began in 2008. According to FA-Mag, prosecutors said Oppenheim convinced clients to make large withdrawals from their accounts by promising to invest the money in low-risk municipal bonds. However he purportedly used the money to obtain cashier’s checks which he used to deposit into his own personal account.

Oppenheim was able to conceal his scam for years by moving cash from one customer’s account to another, and by falsifying account statements.

Under the plea deal, Oppenheimer will seek a sentence of 8 to 10 years behind bars. The charges against him carry a maximum 50 year sentence.

The foregoing information, which is publicly available here, is being provided by The White Law Group.

Brokerage firms have a responsibility to adequately monitor their employees. When a broker commits fraud and steals from clients, the firm may be liable for negligent supervision and held liable for investment losses.

If you invested with Michael Oppenheim and would like to speak to a securities attorney about your potential to recover losses through Financial Industry Regulatory Authority (FINRA) arbitration, please call the firm’s Chicago office at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.