Ex-JPMorgan broker gets five years for gambling clients' funds away

Gavel

A former JPMorgan broker who said he stole millions of dollars from customers because his brain was “hijacked” by an addiction to sports gambling was sentenced to five years in prison.

Bloomberg News reports that Michael Oppenheim, who at one point had about 500 clients and almost $90m under management at JPMorgan, got so deeply in debt that, according to his lawyer, even his bookie expressed sympathy for him.

The former broker also got a break from U.S. District Judge Analisa Torres, who said at a hearing in Manhattan Tuesday that his battle with gambling addiction and his care for his disabled daughter were why she gave him less than the 10 years prosecutors sought. She also noted that Oppenheim’s gambling intensified just months after the daughter was born.

“I am cognizant that gambling is a mental disorder which is aggravated during periods of stress and depression,” said Torres, who also credited Oppenheim for expressing remorse for his crimes.

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

Ex-JPMorgan Broker Gets Five Years for Gambling Funds Away

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