JP Morgan Banker Charged With Taking $20M From Client Accounts

A former JPMorgan Chase & Co vice president and investment advisor was arrested this week and charged with stealing $20 million from client accounts and using it to trade and pay personal expenses. Criminal charges of fraud and embezzlement were filed against Michael Oppenheim in Manhattan federal court. He is alleged to have taken the money over the course of three years and either spent or lost almost all of it in unsuccessful trades. The bank says that it was “angry with this person,” and that it alerted authorities and is working with clients who were affected.