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Michael Oppenheim, JP Morgan, Barred From Trading Industry

17DB-CHASE-master675Michael Oppenheim, JP Morgan, Barred From Trading Industry.

JP Morgan broker Michael Oppenheim has been permanently barred from acting as a broker or investment adviser, and has been sentenced to five years in prison. The investment recovery lawyers at StockBrokerLawyer.com are ready to help additional customers recover their investment losses. complaints regarding Mr. Oppenheim (CRD# 3021013) and JP Morgan.

Michael Oppenheim has spent sixteen years giving financial advice and last worked for JP Morgan in New York City (2012-2015). Before that, he worked for Chase Investment Services in New York City, and Wachovia Securities in St. Louis, Missouri. Of course, he is currently not registered with any state or firm.

FINRA records show that Michael Oppenheim has one regulatory sanction and was discharged from JP Morgan Securities.

According to a published information in March 2016, Michael Oppenheim was sentenced to five years in prison following allegations he “stole millions of dollars from customers” as a result of what he claimed was a gambling addiction. Mr. Oppenheim pleaded guilty to stealing more than $20 million from wealthy clients whom he “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.” According to prosecutors, he instead “used the money to obtain cashier’s checks and deposited them in his own accounts outside the bank. Oppenheim’s scam lasted more than seven years and targeted clients he knew wouldn’t pay close attention to their accounts.” At one point, Mr. Oppenheim managed as many as 500 clients, with assets totaling $89 million. This shows how one financial advisor, with a terrible problem, but at a firm that fails to adequately supervise accounts, ask the right questions, and follow up on “red flags” can cause harm to so many investors.

In July 2015 FINRA sanctioned Michael Oppenheim after findings he failed to provide documents or appear for on-the-record testimony in connection to an investigation into allegations that he “may have converted approximately $20 million of customer funds, altered customer documents, created false accounts statements and failed to disclose outside brokerage accounts to the firm.” He was permanently barred from acting in any capacity in the securities industry. Consider how long it took FINRA to notice, or take any action.

In March 2015 Michael Oppenheim was discharged from his position at JP Morgan following allegations he submitted an annuity withdrawal form on a customer’s behalf that contained a signature reused from a prior withdrawal request.

If you have complaints regarding Michael Oppenheim, or JP Morgan Chase, call (888) 986-7199 or write the investment recovery lawyers at StockBrokerLawyer.com for a free no-cost consultation. We can help recover your losses and seek other damages, too.

You can use the email form or chat on StockBrokerLawyer.com You may be entitled to recover your losses. We work on contingency: we are paid only when you are paid. Time is limited; delay is the favorite defense of the brokerage firms. Call 888-986-7199 now to speak to an attorney for a no cost evaluation.

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