A Georgia financial adviser who gained complete access to an elderly client’s investments has been sentenced to seven years and four months in federal prison after admitting he stole nearly $10 million.
Ejiroghene O. Okuma, 44, of Smyrna, had access to the man’s brokerage accounts beginning in 2016. According to the U.S. Attorney’s Office for the Northern District of Georgia, he later used that position to move the client’s assets into accounts he controlled.
The stolen funds financed major personal spending, including a $5.2 million residence in Vinings, an approximately $1.4 million beach club membership and fractional interest in a beach house, and about $340,000 in donations to Okuma’s church.
Okuma pleaded guilty March 17 to one count of wire fraud and was sentenced September 11. He must also serve three years of supervised release, while restitution will be determined at a later hearing.
The Theft Began After He Took Control of an Estate
Okuma’s admitted scheme began after he was appointed in February 2022 to administer the estate of his client’s recently deceased sister.
The following month, he falsely told the client that the estate needed $500,000. The client authorized a transfer from his brokerage account to what he believed was an estate account, but Okuma instead moved the money into an account belonging to his wife’s company.
In June 2022, prosecutors said he took approximately another $400,000 through money connected to estate administration and proceeds from the sale of the sister’s residence.
An Unauthorized Brokerage Account Gave Him Access to Millions More
In February 2023, Okuma opened a Vanguard brokerage account in the name of one of the client’s revocable trusts without the client’s knowledge. Prosecutors said he used the man’s personal identifying information and created a fraudulent email account as part of the process.
Okuma also added himself as custodian to an existing bank account belonging to the client, giving himself authority to make withdrawals without obtaining approval for each transaction.
By the end of February, approximately $9 million had been transferred from the client’s existing brokerage accounts into the newly created Vanguard account. From August 2023 through March 2025, Okuma moved assets from that account through checks and electronic transfers to other accounts controlled by him or his wife.
The Money Paid for a Home, Beach Property and Other Personal Expenses
Federal investigators traced millions of dollars from the client’s accounts to purchases benefiting Okuma rather than the investor whose assets he managed.
Prosecutors said he used the proceeds to build the Vinings residence, join the beach club and acquire the fractional interest in the beach house. The church donations were also funded with money taken from the client.
The FBI investigated the criminal case with assistance from the Securities and Exchange Commission. Assistant U.S. Attorney Samir Kaushal and former Assistant U.S. Attorney Alex R. Sistla prosecuted the case.
The SEC Obtained a Separate $13 Million Judgment
The Securities and Exchange Commission filed a separate civil enforcement action in January accusing Okuma of breaching his fiduciary duties and misappropriating more than $9.8 million from the same client.
A final judgment entered in February required Okuma to pay $9,025,424.89 in disgorgement, $1,029,626.64 in prejudgment interest and a $3 million civil penalty.
The SEC case also imposed restrictions on Okuma’s future participation in securities transactions. Those civil penalties are separate from the prison sentence and restitution proceedings in his criminal case.
Older Investors Can Add Safeguards to Brokerage Accounts
Investor.gov recommends reviewing brokerage statements regularly and addressing unexplained transfers, withdrawals or account changes promptly. Investors can also periodically check whether their financial professional remains registered and whether disciplinary information has been added to the person’s record.
Another safeguard is adding a trusted contact to a brokerage account. The brokerage may contact that person if it suspects financial exploitation, cannot reach the investor or needs to verify the identity of someone claiming authority over the account.
A trusted contact does not receive permission to trade, withdraw money or make investment decisions. The designation provides the brokerage with another person to contact when unusual activity or possible exploitation raises concerns.
Family members helping an older investor should pay attention to newly created accounts, unexplained transfers, missing assets or unexpected changes involving trusts and other financial arrangements. Suspected securities fraud can be reported to the SEC, while suspected elder financial exploitation can also be reported to law enforcement or Adult Protective Services.