Michael Oppenheim, a former JP Morgan advisor, has been charged by federal authorities for allegedly stealing $20 million from client accounts. On over twenty occasions, Oppenheim withdrew money, anywhere from $300,000 to $2 million at a time, from clients accounts and deposited the monies into his own personal account. Oppenheim was able to carry out the fraud by providing customers with false account statements which made it appear their monies were invested in bonds. JP Morgan has pledged to reimburse victimized clients.
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