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JPMorgan Broker Gets 5 Years For Gambling Funds

Michael Oppenheim, a former JPMorgan Chase & Co. broker who claims to have thieved millions of dollars from clients because his brain was "hijacked" by an addiction to gambling on sports, was sentenced to five years in prison. At his peak, Oppenheim had nearly 500 clients and managed just shy of $90 million at JPMorgan. However, he fell into so much debt that even his bookie felt bad for him, according to Oppenheim's attorney. The former JPMorgan broker also got the sympathy of U.S. District Judge Analisa Torres, who stated that Oppenheim's addiction and his care for his disabled daughter were why she gave him fewer than the ten years the prosecution wanted. She further noted that Oppenheim's addiction grew substantially mere months after the birth of his daughter. “I am cognizant that gambling is a mental disorder which is aggravated during periods of stress and depression,” said Torres, who extolled Oppenheim for showing remorse for his actions. Oppenheim bet [...]

By |March 9th, 2016|Fraud, Press Releases & News|
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Financial Advisor For Ex-Alabama Football Player Pleads Guilty To Fraud

Keith Michael Rogers, a financial advisor from Huntsville, Alabama, pleaded guilty to one count of fraud in connection with the sale of securities, according to the Alabama Securities Commission. Specifically, Rogers' plea was attributed to his engaging in an act, practice or course of business which operated as a fraud or deceit upon his victims. Rogers has also been sued by former University of Alabama football star Kenneth Darby. Rogers' guilty plea was entered before Madison County Circuit Judge Allison Austin. In 2014, the financial advisor was sued by several investors, including Darby, for $2.4 million. In the suit, Darby asserted that he lost his life savings of over $250,000 because of Rogers. Rogers was arrested in 2015 based on an arrest warrant and indictment returned by the July 2015 Madison County Grand Jury. He will be sentenced on April 18. The prosecution will ask for a ten-year prison sentence for Rogers, according to the statement made by the Alabama [...]

By |March 9th, 2016|Fraud, Press Releases & News|
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Frankowski Firm Investigating Raymond James MLP Recommendations

The Frankowski Firm, LLC is investigating Raymond James' potentially inappropriate recommendations of oil and gas and commodities related investments. Investors may have legal recourse because of unsuitable recommendations by their broker to invest in this speculative and volatile area. Raymond James has served as an underwriter for many master limited partnership (MLP) deals, and their analysts have given high ratings to these investments. Jeff Saut, chief investment strategist for Raymond James, claimed that his favorite MLP investments included Yorkville High Income LLP ETF (YMLP) and Yorkville High Income Infrastructure MLP ETF (YMLI). These two funds have dropped substantially since this claim. Linn Energy (LINE) and LinnCo (LNCO) were other individual MLP investments that were recommended by Raymond James, experienced substantial drops, and are now facing potential bankruptcy. Over the last year, both stops have dropped in value by roughly 98%. Over a number of years, Raymond James analyst Keven Smith maintained a "Strong Buy" rating on Linn Energy. Only after [...]

By |March 7th, 2016|Press Releases & News|
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UMT Headquarters Raided By Law Enforcement

Law enforcement authorities raided the headquarters of United Mortgage Trust ("UMT") in a suburb of Dallas, Texas this month, looking for documents pertaining to management of the company. A search warrant was issued by a federal magistrate of the United States District Court for the Northern District of Texas. Particular executive offices and employees were also served grand jury subpoenas. UMT has not disclosed additional details about the purpose of the raid. The raid comes on the heels of a response issued on February 8 by United Development Funding IV, an entity affiliated with UMT, to a website about the company created by the hedge fund Hayman Capital Management. Hayman, which is controlled by Kyle Bass, accused UMT's management of running a Ponzi-like real estate scheme. United Mortgage is a real estate investment trust that invests in pools of residential real estate loans. If you or someone you know has lost money after purchasing an investment, please contact Richard Frankowski [...]

By |March 2nd, 2016|Fraud, Press Releases & News|
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