Michael Jeffrey Oppenheim of Livingston, New Jersey, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for failing to provide documents and information and an on-the-record testimony in connection with allegations that he may have converted approximately $20 million of customer funds, altered customer documents, and created false account statements.
FINRA began an investigation into Michael Oppenheim’s termination from his member firm, J.P. Morgan Securities LLC (J.P. Morgan), as well as allegations that he may have converted nearly $20 million of customer funds between March 2011 and March 2015. FINRA was also investigating the alleged altering of customer documents and creation of false account statements by Mr. Oppenheim.
However, Mr. Oppenheim, through his attorney, informed FINRA that he would not cooperate with FINRA’s investigation, which is a violation of FINRA Rule 8210; the Rule requires FINRA members to provide information with respect to investigations. Consequently, Michael Oppenheim was barred from association with any FINRA member in any capacity.
Stockbrokers have been known to engage in many types of practices which may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system. The implementation of the rules require supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If brokerage firms and their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s unlawful activity can bring forth claims to recover damages against broker-dealers like J.P. Morgan, which should consistently oversee its stockbrokers in order to prevent the above-described prohibited conduct.
Have you suffered losses in your J.P. Morgan investment account due to your stockbroker’s misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against stockbrokers for unsuitable recommendations, misrepresentations, and/or other unauthorized and fraudulent misconduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at email@example.com, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.