Many investors are unaware of the legal recourse available to them after losing money due to securities broker negligence and/or fraud. The truth is, investors who have lost money in this fashion may be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who believe this may be them.

Oakes & Fosher is currently investigating the possible misconduct of securities broker Michael Oppenheim. According to his publicly available FINRA BrokerCheck report, Michael Oppenheim was sanctioned by the United States Securities and Exchange Commission.

Michael Oppenheim operated most recently as a New York based securities broker. He worked in the securities industry for sixteen years. During his career, he was registered with six different securities firms.

His Registrations

  • Merrill Lynch (1998-1999)
  • Prudential Securities Incorporated (1999-2001)
  • Chase Investment Services (2002-2004)
  • Wachovia Securities (2004)
  • Chase Investment Services (2004-2012)
  • J.P. Morgan Securities (2012-2015)

The Allegations

Michael Oppenheim was sanctioned by the United States Securities and Exchange Commission in April 2015. The findings in this matter state that he convinced two customers to withdraw a total of $12 million from their accounts by assuring them that he would invest the funds in safe municipal bonds. However, Michael Oppenheim allegedly embezzled this money, transferred it to a separate account, and used it to partake in risky options trading. These alleged actions lost almost the entire $12 million. Due to these alleged actions, he was forced to pay $19,684 in disgorgement. He also pled guilty to one count of Embezzlement and one count of Securities Fraud.

What Does This Mean?

The only way that investors can confidently leave their money with securities brokers is if they trust them. That trust is so essential due to the amount of autonomy that brokers operate with. While securities firms are supposed to have vigilant supervisory procedures in place designed to monitor their registered brokers, many brokers find ways to circumvent this when engaging in fraudulent practices. It is securities brokers, like Michael Oppenheim, that contribute to the decay of that trust.

Oakes & Fosher Can Help

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Michael Oppenheim, please contact Oakes & Fosher for a free and private consultation.