Are you so deeply in debt due to a rampant gambling addiction that even the guy who's supposed to break your legs because you owe him money feels bad for you? Do you also have access to the accounts of hundreds of rich people? Have you maybe thought to yourself, I'm just gonna borrow some now, win it back on Sunday, and it'll be like nothing ever happened? Take it from Michael Oppenheim-- this is not a good plan.
A former JPMorgan Chase & Co. broker who said he stole millions of dollars from customers because his brain was “hijacked” by an addiction to sports gambling was sentenced to five years in prison. Michael Oppenheim, who at one point had about 500 clients and almost $90 million under management at JPMorgan, got so deeply in debt that, according to his lawyer, even his bookie expressed sympathy for him...Oppenheim wagered on weekly National Football League games starting in 1993 and eventually moved to online sports betting, his lawyer said in a letter to the judge. To make up for his losses, he stole from his clients to pay for trades in options of technology stocks like Apple Inc. and ended up losing $2 million on those bets. He pleaded guilty in November to stealing more than $20 million, having targeted 10 of the wealthiest clients on his list. He covered up the theft by giving the customers faked account statements in what the U.S. called a game of “hide and seek” with their money.