Former J.P. Morgan adviser charged with stealing $20m from clients

A former J.P. Morgan investment adviser has been accused of stealing at least $20m from clients and using the money to trade on his own account and to pay off his mortgage.

Michael Oppenheim, who worked for the firm in New York, was arrested on 16 April and charged by the US Federal Bureau of Investigation (FBI) with wire fraud, embezzlement, and securities fraud, according to the Wall Street Journal. He was fired by J.P. Morgan on 18 March. Oppenheim allegedly stole between $300,000 and almost $2m from seven clients on at least 24 occasions between March 2011 and March 2015. In some instances, he told clients he would invest their money in bonds, and then faked account statements showing the bond yields, according to the complaint filed by the FBI.  ...