Tags: JPMorgan | broker | sentencing | gambling

Ex-JPMorgan Broker Gets 5 Years for Gambling Clients' Funds Away

Tuesday, 08 Mar 2016 03:38 PM

A former JPMorgan Chase & Co. 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.

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

Oppenheim began placing bets on weekly National Football League games in 1993 and eventually moved to online sports betting, his lawyer said in a letter to the judge. To make up for his losses, he stole from his clients to pay for trades in options of technology stocks like Apple Inc. and ended up losing $2 million on those bets.

He pleaded guilty in November to stealing more than $20 million, having targeted 10 of the wealthiest clients on his list. He covered up the theft by giving the customers faked account statements in what the U.S. called a game of “hide and seek” with their money.

 

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A former JPMorgan Chase 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.
JPMorgan, broker, sentencing, gambling
176
2016-38-08
Tuesday, 08 Mar 2016 03:38 PM
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