CRIME

Former JPMorgan banker arrested on charges he pocketed $20M of his clients' money over 4 years

A former JPMorgan Chase & Co. banker has been arrested on charges he stole $20 million from clients over a four-year period.

Michael Oppenheim was arrested Thursday on charges including wire fraud and securities fraud. Authorities say the 48-year-old from Livingston, New Jersey, used some of the money to make investments and pay a home loan.

Bail was set at $1 million at a court appearance in Manhattan federal court. He was also ordered to undergo home detention with electronic monitoring.

His attorney, Richard Gamburg, says his client will plead not guilty to the charges. He says he expected Oppenheim to be released Friday.

Authorities say Oppenheim continued his fraud until he was fired by the bank in March.

He also faces civil charges from the Securities and Exchange Commission.