A financial advisor from Georgia who pleaded guilty to defrauding an elderly client has been sentenced to prison, Financial Advisor reported.
44-year-old Ejiroghene Okuma was ordered to serve seven years, four months in federal prison on a charge of wire fraud in connection with the theft of nearly $10 million from the client.
The charge covers the period between 2010 and May 2023, when Okuma was a financial and investment advisor with Edward Jones and had complete access to the brokerage accounts of the client (“Victim-1”).
After being appointed to administer the estate of Victim-1’s sister, prosecutors said he began embezzling from Victim-1 by falsely representing that the sister’s estate needed funds. The client then permitted Okuma to transfer $500,000 from one of their brokerage accounts to a bank account purportedly held for the estate, but Okuma ultimately transferred the money to a bank account in the name of his wife’s company without the client’s knowledge. Okuma subsequently stole approximately $400,000 by transferring funds he deceived Victim-1 into paying.
“After embezzling nearly $1 million from Victim-1, Okuma set up fraudulent accounts to steal millions more,’ said U.S. Attorney Theodore S. Hertzberg. “In early February 2023, Okuma opened an unauthorized Vanguard brokerage account in the name of a revocable trust, which Okuma was involved in creating in Victim-1’s name, as well as using Victim-1’s personal identifying information and a fraudulent email account that Okuma created. Victim-1 had no knowledge of the Vanguard account until Okuma’s scheme was uncovered more than two years later.”
On the same day that Okuma opened the fraudulent Vanguard account, he added himself as a custodian to a bank account in Victim-1’s name, which gave him full authority to withdraw funds without the client’s approval. Okuma began transferring funds from Victim-1’s brokerage accounts to the fraudulent Vanguard account and by the end of February 2023, he had transferred approximately $9 million of the man’s funds to the Vanguard account without his knowledge. Between August 2023 and March 2025, Okuma embezzled approximately $9 million of the victim’s funds from the Vanguard account by writing checks to bank accounts controlled by him or his wife and electronic transfers.
Okuma used the stolen money to build a $5.2 million residence in Vinings, Georgia, join a beach club and purchase a fractional share of a beach house for approximately $1.4 million, and donate approximately $340,000 to his church, authorities said.
“Under the guise of acting as a financial adviser, Okuma abused the trust placed in him by an elderly client,” said Hertzberg. “His sentence should send a clear message to fiduciaries who may be tempted to steal: we will seek lengthy prison sentences to punish those who exploit vulnerable citizens to line their own pockets.”
“Okuma betrayed the trust of an elderly client and exploited his position as a financial adviser to steal nearly $10 million for his own personal benefit,” said Marlo Graham, Special Agent in Charge of FBI Atlanta. “He used his access and authority to systematically drain his victim’s accounts while funneling the stolen money into lavish purchases and other personal expenses.”
Okuma’s prison term will be followed by three years of supervised release. Restitution will be decided at a hearing that will be scheduled at a later date.
Okuma was barred by FINRA in December for failing to cooperate with an investigation into charges he had converted funds from a client. The SEC also opened a civil case against Okuma for the client conversion scheme.
In January, the SEC filed a settled action relating to the scheme. A final judgment was entered against Okuma under which he agreed to pay more than $13 million, including more than $1 million in prejudgment interest and a $3 million civil penalty.
Hyman Cotter routinely represents investors harmed when financial professionals and their firms engaged in misconduct that caused their clients investment losses. Our team includes lawyers who have worked for large financial institutions, including Morgan Stanley and UBS Financial Services, and regulatory bodies such as the SEC. If you think your financial professional or firm engaged in misconduct that caused you investment losses, contact Hyman Cotter at (833) 665-0784 or through our online contact form for a no-cost evaluation of your matter.
