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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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FINRA December 2015 Disciplinary Actions: Part I

Brookstone Securities, Inc. (Lakeland, FL) was censured, fined $1,000,000 and required to pay, jointly and severally with Christopher Dean Kline (Baraboo, Wisconsin) and Antony Lee Turbeville (Lakeland, FL) $1,620,100 plus prejudgment interest in restitution to their respective customers. Kline and Turbeville were barred from association with any FINRA member in any capacity. David William Locy (Overland Park, Kansas) was fined $25,000, barred from association with any FINRA member in any supervisory or principal capacity and suspended from association with any FINRA member in any capacity for two years. FINRA found that the firm, acting through Turbeville and Kline, fraudulently made material misrepresentations of fact and omitted material facts that misled senior and retired customers regarding the risks associated with CMOs, in willful violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Monex Securities, Inc. (Houston, TX) submitted an AWC in which the firm was censured, fined $25,000, and required to pay $9,678.52 plus interest in [...]

By |December 23rd, 2015|FINRA, Press Releases & News|
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FINRA Fines Santander Securities LLC $6.4 Million For Supervisory Failures

FINRA mandated that Santander Securities LLC pay about $4.3 million in restitution to a number of clients who were solicited to buy Puerto Rican Municipal Bonds. Further, the firm will pay restitution of $121,000 and make offers of rescission to buy back the securities sold to particular customers impacted by the firm's failure to supervise employee trading. FINRA additionally fined the firm $2 million for supervisory failures pertaining to sales of the bonds and Puerto Rican closed-end funds and for failing to supervise employee trading in its Puerto Rican branch office. Brad Bennett, FINRA's Executive Vice President and Chief of Enforcement, said, "This is a strong reminder to firms that they must focus on customers' exposure to market risks and suitability, particularly in those markets like Puerto Rico that present unique risks and challenges." FINRA's investigation discovered that from December 2012 to October 2013, Santander did not ensure that its proprietary product risk-classification tool accurately reflected market risks on investing [...]

By |October 13th, 2015|FINRA, Press Releases & News|
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FINRA August 2015 Disciplinary Actions: Part I

Dempsey Lord Smith, LLC and Jerry Eskel Dempsey, Jr. of Rome, Georgia submitted a letter of acceptance, waiver and consent ("AWC") in which the firm was censured and fined $10,000. Dempsey is joint and severally liable for half of that with the firm. Similarly, Dempsey was fined $10,000, half of which the firm is joint and severally liable for with Dempsey. According to FINRA, the firm through Dempsey, its CEO and Financial and Operations Principal, failed to establish a proper escrow account for the maintenance of investor funds relating to numerous securities offerings, despite the fact the firm participated in all of the offerings and received customer funds. Rather, the firm let investor funds become commingled in lawyer escrow accounts the issuers had set up. Dempsey allegedly sent emails to potential investors in relation to solicitations to sell bonds issued by an affiliate of the firm that had promissory statements that were not fair and balanced. The firm also failed [...]

By |September 15th, 2015|FINRA, Press Releases & News, SEC|
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