Have you suffered losses investing with Michael Oppenheim, and JP Morgan Chase? If so, The White Law Group may be able to help.

Michael Oppenheim, 50, was barred from the securities industry after admitting that he stole more than $20 million from clients for trading stocks online, paying his bills and gambling on sporting events.

Oppenheim settled fraud charges with the U.S. Securities and Exchange Commission in an administrative proceeding on Tuesday after allegedly misappropriating more than $20 million from bank clients.

Earlier this year, Oppenheim pled guilty to criminal embezzlement and securities fraud charges in U.S. District Court for the Southern District of New York and was sentenced to five years in prison. Oppenheim also agreed to forfeit $20,185,225 to settle the criminal charges and to pay restitution to JPMorgan Chase.

Oppenheim allegedly stole more than $22 million from clients through a scam that targeted 10 of his wealthiest clients. Oppenheim used the money to gamble and for personal expenses.

Oppenheim’s scheme allegedly began in 2008. According to reports, prosecutors said Oppenheim convinced clients to make large withdrawals from their accounts by promising to invest the money in low-risk municipal bonds. However he purportedly used the money to obtain cashier’s checks which he used to deposit into his own personal account.

Oppenheim was able to conceal his scam for years by moving cash from one customer’s account to another, and by falsifying account statements.

The foregoing information, which is publicly available, is being provided by The White Law Group.

Brokerage firms have a responsibility to adequately monitor their employees. When a broker commits fraud and steals from clients, the firm may be liable for negligent supervision and held liable for investment losses.

If you invested with Michael Oppenheim and would like to speak to a securities attorney about your potential to recover losses through Financial Industry Regulatory Authority (FINRA) arbitration, please call the firm’s Chicago office at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.