Ex-JPMorgan broker pleads guilty to stealing $20 million to gamble and trade with

A former JPMorgan broker is facing a prison sentence after he pleaded guilty Thursday to stealing $20 million in client money to gamble and invest in the market.

Michael Oppenheim, of New Jersey, pleaded guilty to securities fraud and embezzlement and sought a sentence ranging from eight to 10 years.

The crimes carry a maximum sentence of 50 years' prison time.

After his arrest in April of this year, Oppenheim was fired by JPMorgan, where he had worked since 2002, most recently as a vice president.

Authorities said Oppenheim convinced clients to withdraw funds that he said would be used to invest in low-risk municipal bonds that he, instead, took funds and both invested in the market and gambled with them.

JPMorgan was not immediately available to comment.