Ex-JP Morgan Broker Pleads Guilty in Theft of $20 Million

[Hissyspit]

Source: Bloomberg News

Ex-JP Morgan Broker Pleads Guilty in Theft of $20 Million

A former JPMorgan Chase & Co. broker admitted he stole more than $20 million from customer accounts and used the money to pay his bills, gamble online and to trade his own stocks.

Michael Oppenheim, 49, pleaded guilty Thursday in Manhattan federal court to securities fraud and embezzlement, part of a scam that targeted 10 of his wealthiest clients beginning in 2008.

Under the plea deal, Oppenheim seeks a sentence of eight to 10 years in prison. U.S. District Judge Judge Analisa Torres isn’t bound by the recommendation. She set the sentencing for Feb. 15. The two charges carry a total maximum prison term of 50 years.

Read more: http://www.bloomberg.com/news/articles/2015-11-05/ex-jpmorgan-broker-pleads-guilty-in-theft-of-20-million

[haikugal]

1. I'm sure he's convinced he did nothing wrong...

Greed is good!

[Sunlei]

2. 2008. It takes the Federal Government wayyyyy to many years to bring us Justice.

[hughee99]

3. At first I was shocked that anyone went to jail for this, until I read this part...

"a scam that targeted 10 of his wealthiest clients". Then it all made sense.

[tk2kewl]

5. yep...

rob the poor for the benefit of your rich clients and you get a big bonus...

rob your rich clients and then you go to jail

[bvar22]

6. That was Bernie Madoff's big mistake.

He stole from the very RICH.
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...but I still can't figure WHY they went after Martha Stewart for something that goes on in every boardroom, upscale bar, and almost every Congressional & Senate Office.

[freebrew]

8. Martha donated to the DNC...

and was critical of the * administration.

[hughee99]

12. Because Martha knew nothing about "where the bodies were buried".

They weren't interested in a trial where some executive might talk about campaign contributions, lobbying efforts, other insider tips, kickbacks or any other shady dealings that might hurt a large wall street bank or prominent politician. Stewart had money, but not sufficient leverage to get the powers that be to keep the justice department off her back.

The Martha Stewart trial was easy to "contain" the damage while still appearing to be doing something about the issue.

[puzzledeagle]

4. Only $20 million?

No wonder why he went to prison, he'd be out free like the other bankers who stole hundreds of millions.

[valerief]

7. I don't care how many wealthy people he steals from. Those wealthy people don't care

how many of the 99% they steal from.

Of course, the only reason he's been arrested is because it WAS rich people he stole from.

[pansypoo53219]

9. they ARE gonna empty his accounts & sell his stuff? right? RIGHT?!?

bet he had a red ferrari too.

[Scruffy1]

10. Proving it's a crime to steal from the rich.

Of course, in all fairness, any broker who gets caught embezzling funds from anyone will be convicted, and the poor have no accounts. These threads always get me thinking of the myriad ways the whole financial industry rips off those with the least.

[NCjack]

11. 50 years, please. If I robbed a 7/11, I would get about a year for each dollar. /nt

[hibbing]

13. "Oppenheim seeks a sentence of eight to 10 years in prison"

I like how the guilty party gets to seek what kind of sentence is appropriate. What a strangely written phrase.


Peace