Michael Roger Griffith of Middle River, Maryland was barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). Griffith was accused of allegedly submitting an unauthorized life insurance application and setting up unauthorized automatic withdrawals from the customer's bank account to fund the policy. Once the customer discovered the unauthorized debits, the firm was alerted and the money was returned.
Michael Oppenheim, an ex JP Morgan broker, was sentenced to five years after stealing over $20 million of his client's money. At one point, Oppenheim was a successful broker managing 500 clients with combined assets of $90 million. Oppenheim is now claiming, according to an Investment News article, that his brain was 'hijacked' by a sports gambling addiction. The U.S. District judge presiding over the case gave him five years, instead of the ten years the prosecutors requested. Oppenheim pleaded guilty in November 2015.