Michael Oppenheim Investigated by Peiffer Wolf Carr & Kane Attorneys
Michael Oppenheim Entered a Plea of Guilty to Embezzlement and Securities Fraud
Michael Oppenheim entered a plea of guilty to one count of embezzlement and one count of securities fraud in Manhattan’s Southern District Court on November 5, 2015. Oppenheim faces up to 30 years in prison when he is sentenced in February 2016. Oppenheimer was ordered to forfeit $22,432,375, and to pay $27,292,856 in restitution.
Oppenheim was formerly employed as a JPMorgan Chase financial advisor. Oppenheim allegedly engaged in an elaborate scheme of embezzlement and securities fraud that stretched over seven years and totaled approximately $22 million dollars.
Michael Oppenheim Allegedly Ran Investment Fraud Scheme
Michael Oppenheim allegedly lied to his clients by claiming to have invested their money in low-risk municipal bonds, according to U.S. Court documents presently under review by investment attorneys of Peiffer Wolf Carr & Kane. Oppenheim allegedly sent investors false account statements that purportedly reflected the profits earned those low-risk investments. However, Oppenheim allegedly funneled his clients’ money into his own poor-performing and high-risk investments.
Court documents allege that Oppenheim squandered the bulk of the money in extremely unprofitable options trading. Those investments presented poor returns.
In Oppenheim’s alleged investment fraud scheme, he used his client’s funds to obtain cashier’s checks. He then allegedly deposited the cashier’s checks in at least three online brokerage accounts that he controlled at financial institutions other than JPMorgan Chase. Oppenheim allegedly used the money to engage in stop options trading in accounts that he controlled, and to pay for personal expenses. Oppenheim also allegedly wired money to bank accounts in his or his wife’s name.
Investor Rights Lawyers Investigating
Peiffer Wolf Carr & Kane investor rights attorneys are currently investigating the alleged investment fraud scheme of Michael Oppenheim.
Peiffer Wolf Carr & Kane attorneys 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 for their clients.
Investors who believe they lost money as a result of Michael Oppenheim for allegedly operating a fraudulent investment scheme may contact the investor rights attorneys at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at (585) 310-5140.