NEW YORK--(BUSINESS WIRE)--Zamansky LLC is investigating claims against JPMorgan Chase on behalf of victims of financial advisor Michael Oppenheim ("Oppenheim") of Livingston, New Jersey. On March 17, 2016, Oppenheim pled guilty to embezzlement and securities fraud in a $22 million investment fraud that stretched over seven years. Oppenheim admitted that he lied to his clients by claiming to have invested their money in low-risk municipal bonds, and he sent them doctored account statements that purportedly reflected those investments and the profits earned, funneling the money into his own high-risk investments that fared poorly.
Oppenheim had approximately 500 clients with $89 million in assets under his management. According to U.S. Attorney Preet Bharara, Oppenheim used his client's funds to obtain cashier's checks and then deposited the cashier's checks in at least three online brokerage accounts he controlled at financial institutions other than JPMorgan Chase. He used that money to trade in accounts he controlled, and to pay for personal expenses such as a home loan and bills.
According to securities fraud attorney Jake Zamansky, any investor who suffered a loss with Oppenheim may potentially have a claim against JPMorgan Chase. As a FINRA registered representative, Oppenheim was under JPMorgan Chase’s supervision, Zamansky states. We are investigating whether JPMorgan Chase breached its duties to supervise Oppenheim and his dealings with customers, Zamansky states.
What Investors Can Do
If you are an existing or former Oppenheim client who suffered a loss, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at jake@zamansky.com.
About Zamansky LLC
Zamansky LLC is a leading stock law firm specializing in securities fraud, ERISA and employment class actions. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.