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