(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.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access