A former JPMorgan broker is facing a prison sentence after he pleaded guilty Thursday to stealing $US20 million in client money to gamble and invest in the market.
Michael Oppenheim, of New Jersey, pleaded guilty to securities fraud and embezzlement and sought a sentence ranging from eight to 10 years.
The crimes carry a maximum sentence of 50 years’ prison time.
After his arrest in April of this year, Oppenheim was fired by JPMorgan, where he had worked since 2002, most recently as a vice president.
Authorities said Oppenheim convinced clients to withdraw funds that he said would be used to invest in low-risk municipal bonds that he, instead, took funds and both invested in the market and gambled with them.
JPMorgan was not immediately available to comment.
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