Investor Alert: Michael Oppenheim Indicted for Alleged Theft of Investor Funds
Former Stockbroker Michael Oppenheim Indicted; Allegedly Stole Money from Investors
Michael Oppenheim, an investment advisor formerly associated with J.P. Morgan Chase, has been charged with embezzlement and multiple counts of fraud in the United States District Court for the Southern District of New York in. A sealed complaint filed April 15, 2015 has been unsealed by an order of the court.
The Peiffer Wolf Carr & Kane securities lawyers are preparing to take action on behalf of investors.
The criminal complaint reviewed by Peiffer Wolf Carr & Kane alleges that from March 2011, up to and including March 2015, Michael Oppenheim willfully and knowingly embezzled from customers.
Michael Oppenheim abused his position of trust by inducing customers to invest in low-risk municipal bonds, the complaint further alleges. Instead of investing the money, however, he allegedly used the money for himself, including for personal expenses such as a home loan and his bills.
In furtherance of his scheme, Oppenheim allegedly provided clients with fraudulent bank account statements. In other cases, he allegedly withdrew money from clients’ accounts without their permission.
Oppenheim’s Alleged Scheme Ends
Oppenheim worked at JP Morgan Chase from about May 2004 until his termination on March 18, 2015. At the time of his termination, Oppenheim had some 500 clients, with collectively investments totaling in the neighborhood of $20 million, according to the complaint.
Oppenheim was arrested at his New Jersey home on April 16, 2015, according to media reports.
Regulatory records reviewed by the Peiffer Wolf Carr & Kane lawyers indicate that at the time of this blog Oppenheim has not yet been publicly subjected to discipline outside of the criminal proceedings associated with these alleged crimes.
However, it is possible that he could be subject to discipline if violations of FINRA rules have been violated, regardless of the outcome of the criminal proceedings in which he is now involved.
Peiffer Wolf Carr & Kane Investment Recovery Attorneys Investigating on Behalf of Investors
The Peiffer Wolf Carr & Kane investor right lawyers have been investigating and are preparing to take action on behalf of Oppenheim investors.
Their investigation focuses on whether or not Oppenheim was reasonably supervised by his employer, JP Morgan Chase. “Brokerage firms have a duty to adequately supervise the investment professionals they hire and authorize to sell investments to the investing public,” said attorney Jason Kane of the Peiffer Wolf Carr & Kane firm.
“Failure to adequately supervise a stockbroker’s activities and detect and stop his misconduct can subject the broker’s employer to liability to victims of that broker,” said attorney Joe Peiffer.
At this time it is unclear how much money the government will be able to recover from Oppenheim himself. According to the allegations against him, it appears that much of the investor money is gone. The Peiffer Wolf Carr & Kane attorneys plan to supplement any such recovery through private cases on behalf of investors against financial industry entities that might have failed to stop the alleged misconduct, in violation of their duties.
The Peiffer Wolf Carr & Kane investment recovery attorneys have together decades of experience representing investors. With offices across the country, the Peiffer Wolf Carr & Kane lawyers have represented together over a thousand investors who suffered losses as a result of investment fraud and broker misconduct. They have the expertise to handle a variety of legal proceedings, from class actions to FINRA arbitrations, and tailor the remedies they pursue to each investor’s individual situation.
They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover on behalf of their clients.
Michael Oppenheim investors are encouraged to contact the investor right attorneys at Peiffer Wolf Carr & Kane, Jason Kane and Joe Peiffer, for a free, no-obligation evaluation of their options, at (585) 310-5140.