Ex-JPMorgan banker gets 5 years in prison in $20M fraud
NEW YORK (AP) — A former JPMorgan Chase & Co. banker has been sentenced to five years in prison after admitting a $20 million fraud.
Michael Oppenheim was sentenced Tuesday by U.S. District Judge Analisa Torres in New York City. Oppenheim, of Livingston, New Jersey, pleaded guilty in November. He admitted he lied to clients and sent them doctored account statements.
As part of his plea, the 49-year-old Oppenheim agreed to pay restitution of over $27 million to victims and to forfeit $20 million to the United States.
The government said Oppenheim carried out the fraud while he worked at the financial institution from at least March 2008 to March 2015.
Prosecutors say he used some of his clients' funds to pay gambling and trading debts and to fund luxury clothing and travel.