(Bloomberg) -- A former J.P. Morgan Chase advisor is facing jail time after admitting he scammed his clients out of more than $22 million to satisfy his gambling addiction.

Michael Oppenheim, 49, pleaded guilty last week in Manhattan federal court to securities fraud and embezzlement, as part of a scheme that targeted 10 of his wealthiest clients beginning in 2008. He addmited he used client money to bet on sporting events, as well as pay bills and trade stocks.

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