Why Spend A Lot Of Time Setting Up A Phony Hedge Fund?

Michael Oppenheim surely asked himself this question before deciding to go in-house.
Author:
Updated:
Original:

When you can just run the same self-enrichment scam at JPMorgan Chase? You know, like Michael Oppenheim allegedly did. He (allegedly) stole $20 million from clients, lied to them about how he was investing it, sent them phony statements and spent it all on himself, all from within the cozy confines of the world’s largest bank. So much easier that way, and the result is the same.

The adviser, Michael Oppenheim, was charged with wire fraud, embezzlement, and securities fraud, according to a Federal Bureau of Investigation complaint filed with the U.S. District Court of the Southern District of New York. He was arrested Thursday morning, according to his lawyer….

Mr. Oppenheim “embarked on sizable trading of stocks and options,” including Apple Inc., Google Inc., and Netflix Inc., the Securities and Exchange Commission said in a separate complaint filed Thursday. He apparently lost all the money, given that “his brokerage accounts currently show minimal cash balances,” the SEC said.

Ex-J.P. Morgan Chase Investment Adviser Charged With Embezzlement [WSJ]

Related