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Meyer Wilson Investigates Possible Supervisory Failures of J.P. Morgan Securities LLC

Former J.P. Morgan Securities broker Michael J. Oppenheim (CRD# 3021013) is accused of stealing $20 million of his clients’ money. 

Brokerage firms have a duty to supervise their brokers’ recommendations to clients to ensure that said brokers are in compliance with securities industry regulations. If a broker violates securities laws and that client suffers losses as a result, the supervising firm may be held liable for that investor’s losses for its own negligence in failing to adequately supervise the broker according to securities industry rules.

In the case of Michael J. Oppenheim, FINRA arbitration is the route investors would need to take if they hope to recover their investment losses. If a broker’s conduct violates any securities industry laws, the firm that supervised the broker during the time of the misconduct could be held legally liable for their broker’s misconduct. In the case of Michael Oppenheim, J.P. Morgan Securities LLC was his supervising brokerage firm during the time of his alleged misconduct.

From 2011 to October 2014, Oppenheim allegedly stole approximately $20 million of his clients’ money. According to the SEC, Oppenheim told his clients that their investment dollars were being placed in safe municipal bonds. In reality, Oppenheim allegedly took the money and placed it directly in his brokerage account. He later allegedly lost that money in risky options trading.

Since 1999, the stockbroker fraud attorneys at Meyer Wilson have been helping people recover their losses caused by investment fraud and misconduct. If you invested with former broker Michael J. Oppenheim and you lost money, we invite you to contact us today at 888-390-6491 or fill out a free case review form to learn how we can help.

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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