(Photo: Reuters/Brendan McDermid)
A former JPMorgan Chase & Co investment adviser was sentenced to five years in prison on Tuesday after admitting that he stole at least US$20 million from client accounts to fund a gambling addiction and to trade in stock options.
Michael Oppenheim, 49, was also ordered by U.S. District Judge Analisa Torres to forfeit almost US$20.2 million and pay restitution to JPMorgan after pleading guilty in November to charges of embezzlement and securities fraud.
According to U.S. prosecutors and securities regulators, Oppenheim worked with about 500 wealthy clients as a vice president and private client adviser in JPMorgan’s midtown Manhattan offices.
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