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Meyer Wilson Investigates Charges Against Michael J. Oppenheim for Stealing $20 Million From Clients

Former New York-based broker Michael Oppenheim was charged with fraud by the U.S. Securities and Exchange Commission yesterday for allegedly stealing $20 million from his customers. 

The SEC announced yesterday that it was charging Michael J. Oppenheim (CRD# 3021013) with fraud based on accusations that Oppenheim stole $20 million from his customers. The SEC stated that Oppenheim stole his clients’ money to fund his own investment accounts from 2011 to October 2014. For the past three years, Oppenheim has been a registered stockbroker with J.P. Morgan Securities in New York City. According to the SEC, Oppenheim was terminated on March 18, 2015.

The SEC’s complaint alleges that Oppenheim operated his scheme while working as a private client advisor at “a major New York financial institution,” and that Oppenheim promised his clients that their investment dollars would be put toward securing safe and secure municipal bonds. However, Oppenheim allegedly lied and deposited his clients’ money directly into his own brokerage accounts where most of the money was lost in “highly unprofitable options trading.”

In the SEC’s complaint, they accused Oppenheim of then trying to cover up the theft and financial losses so he could perpetuate his scheme. Among other things, this involved creating fake account statements and replenishing investor accounts with other investors’ money.

Additionally, this week criminal charges were filed against Oppenheim in the Southern District of New York for wire fraud, embezzlement, securities fraud, and investment adviser fraud.Since 1999, Meyer Wilson has been helping investors recover their losses caused by investment fraud and misconduct. Did you invest with Michael J. Oppenheim of New York? If you did and you lost money, we invite you to contact a stockbroker fraud attorney at Meyer Wilson today for a free review of your case .

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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