Ex-JP Morgan adviser jailed over £14m client theft

Justice-Fine-Ban-Court-Gavel-Judge-700x450.jpg

A former JP Morgan Chase & Co investment adviser has been sentenced to five years in prison for stealing over $20m (£14m) from wealthy clients.

The Times reports Michael Oppenheim used the money to feed a “pathological” gambling habit.

He was ordered by US district judge Analisa Torres to forfeit $20.2m and pay redress to JP Morgan. Oppenheim pleaded guilty to embezzlement and securities fraud in November.

Oppenheim worked with about 500 wealthy clients as a private client adviser. Between 2008 and 2015 he convinced clients to withdraw sometimes millions of dollars from their accounts. He also took money without the clients’ permission.

Oppenheim told them he would invest money in low-risk municipal bonds, but instead paid the money into his own accounts and used it for online trading and personal expenses.

At his trial in November, Oppenheim said: “I wish I would have been caught sooner.”