JPMorgan Employee Charged in Stealing $5 Mil From Bank to Pay Off Gambling Debts

Written by:
Published on:

(Reuters) - A former JPMorgan Chase & Co employee who has been ordered to attend counseling for gambling is facing criminal charges that he engaged in a scheme to defraud the bank out of $5 million in order to pay personal debts.

Lawrence Obracanik, who worked as an operations manager for JPMorgan's broker-dealer services, was charged in a criminal complaint made public on Wednesday in federal court in Manhattan with wire fraud and attempted wire fraud.

Obracanik, a 42-year-old resident of Fort Worth, Texas, turned himself in to authorities on Tuesday in New York, according to a spokesman for U.S. Attorney Preet Bharara.

Following a court appearance that day before U.S. Magistrate Judge Katharine Parker, he was released on a $100,000 bond. He was instructed as part of his bail conditions to seek employment and attend counseling for gambling, according to court records.

A lawyer for Obracanik did not immediately respond to a request for comment on Thursday.

The complaint against Obracanik did not identify JPMorgan by name. But a profile for him on LinkedIn said that he had worked for the bank in Texas. A spokesman for JPMorgan declined co comment. The bank is based in New York.

According to the complaint, from July 2014 to February 2016, Obracanik made or tried to make 22 wire transfers for more than $5 million from an account at a bank that was apparently JPMorgan to an account at another bank belonging to an unnamed individual.

The complaint said that during an interview with two Federal Bureau of Investigation agents in August, Obracanik admitted wiring the money to that person's account and said that he had done so to pay personal debts.

The case is U.S. v. Obracanik, U.S. District Court, Southern District of New York, No. 16-mj-7732.

Gambling News

Early Spreads on the 2022 College Football Season Weeks 0 and 1

Early Spreads on the 2022 College Football Season Weeks 0 and 1

We are exactly three months and eight days away from the kickoff of the 2022 college football season as of May 19.

Man in Japan gambles COVID Town Funds Mistakenly Sent to Him

The money was supposed to be COVID-19 assistance for low-income households in a small Japanese town, but it was mistakenly wired to a bank account of a resident who refused to return it and spent most of it on online gambling, police said.

Crypto, Blockchain and Gaming News: Crypto Crash Leaves El Salvador With No Easy Exit From Worsening Crisis

Under populist President Nayib Bukele has been a vocal cheerleader for the currency, but the recent crypto slump has also closed some potential off-ramps from the crisis, including the now-postponed Bitcoin bond.

Female Poker Pro Natalie Hof Ramos Claims "Almost Raped Working at EPT Monaco"

Female Poker Pro Natalie Hof Ramos Claims "Almost Raped Working at EPT Monaco"

She also reveals sexual harassment at the WSOP while pregnant and lashed out at poker pro and podcaster Doug Polk this week for his insensitive body shaming tweet.  Kid Poker also accused of "blatantly staring".

Baseball Betting News: Hot UNDER Trend in the White Sox vs. Royals Series

The UNDER is 13-3 in the last 16 meetings in Kansas City plus Rangers are 4-22 in the last 26 meetings in Houston.