Former JPMorgan broker accused of stealing millions from clients

Money Roll

A former JPMorgan broker faces federal charges that he stole $20m from customers, only to lose at least $13.5m in bets on Tesla Motors, Apple and other companies.

Bloomberg News reports that 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, Oppenheim pocketed the cash or invested it in companies including Tesla, Google and Netflix, the Securities and Exchange Commission said in a related civil lawsuit.

'Soon after each deposit, Oppenheim typically lost the entire amount', the SEC said.

Oppenheim, who was fired by the bank last month, was arrested Thursday on fraud and embezzlement charges at his home in Livingston, New Jersey, and later released on a $1m bond by a federal magistrate judge in New York. 

To access the complete Bloomberg News article hit the link below:

Ex-JPMorgan Chase Broker Charged for Taking and Losing Millions

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