{"id":3608,"date":"2016-03-15T17:32:12","date_gmt":"2016-03-15T17:32:12","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2016\/03\/stockbroker_fraud_exjpmorgan_b"},"modified":"2022-03-22T16:02:41","modified_gmt":"2022-03-22T21:02:41","slug":"stockbroker-fraud-exjpmorgan-b-2","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/stockbroker-fraud-exjpmorgan-b-2\/","title":{"rendered":"Stockbroker Fraud: Ex-JPMorgan Broker Who Gambled Gets Five Years, FINRA Bars Broker Over Elder Financial Fraud, Risky Alternative Investment Sales and Ex-Broker is Indicted by Jury for Allegedly Bilking Clients of $2.8M"},"content":{"rendered":"

Former JPMorgan Broker Who Stole Over $20M from Richest Clients, Gambled, Goes to Prison <\/strong>
\nMichael Oppenheim, a former broker with JPMorgan Chase & CO. (JPM)<\/a>, has been sentenced to five years behind bars. Oppenheim pleaded guilty last year to stealing over $20 million from 10 of his richest clients. At one point Oppenheim managed nearly $90 million for 500 clients. He claims he was addicted to sports gambling.<\/p>\n

He began betting on NFL games in 1993 and later got involved in online sports betting. After losing hundreds of thousands of dollars, he began stealing from clients to cover his losses. Oppenheim also started options trading in tech stocks to repay these clients and in one day lost $2.7M. He concealed the theft by providing customers with bogus account statements.<\/p>\n

Prosecutors contend that Oppenheim persuaded clients to take out up to millions of dollars from their accounts by promising to put their money in low risk municipal bonds that would be kept at the bank. Instead, he used the funds to get cashier’s checks that he deposited into accounts that were his but located outside the bank. Oppenheim purportedly targeted clients he knew wouldn’t be watching their accounts closely. His scam went on for over seven years.<\/p>\n

FINRA Bars Broker for Senior Financial Fraud<\/strong>
\nThe Financial Industry Regulatory Authority has barred David Joseph Escarcega from the financial industry. Escarcega is accused of making a dozen unsuitable recommendations involving debentures tied to the life insurance policy secondary market and targeting elderly clients. He must also pay a $52,270 fine, which is how much he kept in commissions.<\/p>\n

According to FINRA, Escarcega sold the debt instruments, which were issued by CWG Holdings Inc., from 3\/12 to 6\/13. The regulator said that the debentures were very risky and only suitable for investors that could afford to lose all of their investments. The 12 customers involved in this matter were not that type of investor. A lot of the investments were placed in IRAs.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Former JPMorgan Broker Who Stole Over $20M from Richest Clients, Gambled, Goes to Prison Michael Oppenheim, a former broker with JPMorgan Chase & CO. (JPM), has been sentenced to five years behind bars. Oppenheim pleaded guilty last year to stealing over $20 million from 10 of his richest clients. At one point Oppenheim managed nearly […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3752,3797,3858,3758,3741,3803],"tags":[],"class_list":["post-3608","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-financial-firms","category-j-p-morgan-chase","category-morgan-keegan","category-raymond-james","category-securities-fraud","category-senior-investors"],"yoast_head":"\nStockbroker Fraud: Ex-JPMorgan Broker Who Gambled Gets Five Years, FINRA Bars Broker Over Elder Financial Fraud, Risky Alternative Investment Sales and Ex-Broker is Indicted by Jury for Allegedly Bilking Clients of $2.8M — Investor Lawyers Blog — March 15, 2016<\/title>\n<meta name=\"description\" content=\"Former JPMorgan Broker Who Stole Over $20M from Richest Clients, Gambled, Goes to Prison Michael Oppenheim, a former broker with JPMorgan Chase & CO. — March 15, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/stockbroker-fraud-exjpmorgan-b-2\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Stockbroker Fraud: Ex-JPMorgan Broker Who Gambled Gets Five Years, FINRA Bars Broker Over Elder Financial Fraud, Risky Alternative Investment Sales and Ex-Broker is Indicted by Jury for Allegedly Bilking Clients of $2.8M — Investor Lawyers Blog — March 15, 2016\" \/>\n<meta name=\"twitter:description\" content=\"Former JPMorgan Broker Who Stole Over $20M from Richest Clients, Gambled, Goes to Prison Michael Oppenheim, a former broker with JPMorgan Chase & CO. — March 15, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Stockbroker Fraud: Ex-JPMorgan Broker Who Gambled Gets Five Years, FINRA Bars Broker Over Elder Financial Fraud, Risky Alternative Investment Sales and Ex-Broker is Indicted by Jury for Allegedly Bilking Clients of $2.8M — Investor Lawyers Blog — March 15, 2016","description":"Former JPMorgan Broker Who Stole Over $20M from Richest Clients, Gambled, Goes to Prison Michael Oppenheim, a former broker with JPMorgan Chase & CO. — March 15, 2016","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/stockbroker-fraud-exjpmorgan-b-2\/","twitter_card":"summary_large_image","twitter_title":"Stockbroker Fraud: Ex-JPMorgan Broker Who Gambled Gets Five Years, FINRA Bars Broker Over Elder Financial Fraud, Risky Alternative Investment Sales and Ex-Broker is Indicted by Jury for Allegedly Bilking Clients of $2.8M — Investor Lawyers Blog — March 15, 2016","twitter_description":"Former JPMorgan Broker Who Stole Over $20M from Richest Clients, Gambled, Goes to Prison Michael Oppenheim, a former broker with JPMorgan Chase & CO. — March 15, 2016","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/stockbroker-fraud-exjpmorgan-b-2\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/stockbroker-fraud-exjpmorgan-b-2\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Stockbroker Fraud: Ex-JPMorgan Broker Who Gambled Gets Five Years, FINRA Bars Broker Over Elder Financial Fraud, Risky Alternative Investment Sales and Ex-Broker is Indicted by Jury for Allegedly Bilking Clients of $2.8M","datePublished":"2016-03-15T17:32:12+00:00","dateModified":"2022-03-22T21:02:41+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/stockbroker-fraud-exjpmorgan-b-2\/"},"wordCount":647,"articleSection":["Broker Fraud","Financial Firms","J P Morgan - 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