Ex-JPMorgan broker admits stealing $22m, lost most on bad bets


'Judge, I am ashamed of my conduct. I wish I would have been caught sooner'.

A former JPMorgan broker admitted he stole more than $22m from customer accounts and used the money to gamble on sporting events, pay his bills, and trade stocks online.

Bloomberg News reports that Michael Oppenheim, 49, pleaded guilty Thursday in Manhattan federal court to securities fraud and embezzlement, part of a scam that targeted 10 of his wealthiest clients beginning in 2008.

Under a plea deal, Oppenheim will seek a sentence of eight to 10 years behind bars, but U.S. District Judge Analisa Torres won’t be bound by the recommendation at a sentencing hearing set for February 15. The two charges carry a total maximum term of 50 years.

'Judge, I am ashamed of my conduct', Oppenheim said. 'I wish I would have been caught sooner'. Choking up, he then stopped speaking.

Oppenheim, who lost much of the stolen money on bad bets, has been seeing a psychologist to deal with a gambling addiction that’s affected him 'off and on' throughout his life, defence attorney Paul Shechtman said.

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

Ex-JPMorgan Broker Admits Stealing $22 Million for Gambling

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