Former JPMorgan Broker Gets Five-Year Prison Sentence For Stealing $22M For Sports Betting
Michael Oppenheim Admits To Crimes That Fed Addiction
A former investment adviser at JP Morgan Chase & Co. in New York City received five years in prison Tuesday after admitting to stealing $22 million from clients to fund his sports betting addiction, the Department of Justice said in a press release.
Michael Oppenheim, who defrauded clients over the course of seven years, pleaded guilty in November and was facing a possible 10-year sentence.
“I recognize that what I did was horrible,” Oppenheim told the judge just before he was sentenced, Bloomberg reported. “I always thought I was one or two trades away from fixing everything. For me, one bet is one too many. If I were not in the grips of this addiction, I would not have stolen any money.”
In addition to spending the money betting on NFL games, he used clients’ funds on a home loan, his credit card bills, as well as luxury clothing and travel, the government said.
The 49-year-old was also sentenced to three years of supervised release, ordered to forfeit $20,185,225 to the government and pay restitution of more than $27 million to the victims. The government said he targeted the wealthiest of his clients to steal from because they’d be less likely to notice.
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