Former J.P. Morgan adviser charged with stealing $20m from clients

clock

A former J.P. Morgan investment adviser has been accused of stealing at least $20m from clients and using the money to trade on his own account and to pay off his mortgage.

Michael Oppenheim, who worked for the firm in New York, was arrested on 16 April and charged by the US Federal Bureau of Investigation (FBI) with wire fraud, embezzlement, and securities fraud, according to the Wall Street Journal. He was fired by J.P. Morgan on 18 March. Oppenheim allegedly stole between $300,000 and almost $2m from seven clients on at least 24 occasions between March 2011 and March 2015. In some instances, he told clients he would invest their money in bonds, and then faked account statements showing the bond yields, according to the complaint filed by the FBI.  ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Wealth managers

St James's Place results lay bare cost and charging challenges against market tumult

St James's Place results lay bare cost and charging challenges against market tumult

'Structural opportunity' for advice industry

Hope Coumbe
clock 28 February 2024 • 3 min read
SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

Open-ended structures 'have to work'

Valeria Martinez
clock 01 December 2023 • 2 min read
M&G launches full PruFund range on Wealth platform

M&G launches full PruFund range on Wealth platform

‘Greater flexibility and wider choice’

Valeria Martinez
clock 22 May 2023 • 1 min read
Trustpilot