From Yahoo Finance · · 1m 10s
Former Advisor Sentenced to 7 Years for $10M Fraud
Ejiroghene Okuma, a former financial advisor, received a seven-year prison sentence after defrauding an elderly client of nearly $10 million.
In brief
Ejiroghene Okuma, a former financial advisor, received a seven-year prison sentence after defrauding an elderly client of nearly $10 million. Ejiroghene Okuma was sentenced to seven years in prison for stealing $9 million from an elderly client through fraudulent accounts. Originally reported by Yahoo Finance.
Ejiroghene Okuma Pleads Guilty
Ejiroghene O. Okuma, a former financial advisor with Equitable and Edward Jones, pleaded guilty to wire fraud in March 2026.
“abused the trust placed in him by an elderly client”
Fraud Scheme Details
Okuma stole $9 million from an elderly client by setting up fraudulent accounts and transferring funds to his wife's company in 2022 and 2023.
“evasive and refused to answer”
Fraudulent Transfers
Okuma moved $9 million from the victim's accounts to his own, purchasing a $5.2 million home, a $1.4 million beach club membership, and a $340,000 church donation.
“evasive and refused to answer”
Client Discovery
The victim discovered Okuma's fraud in April 2025 after learning he had no accounts with Equitable Advisors.
“evasive and refused to answer”
Sentencing Outcome
A federal judge sentenced Okuma to seven years and four months in prison with three years of supervised release and $13 million in disgorgement and penalties.
“evasive and refused to answer”
The main idea
Ejiroghene Okuma was sentenced to seven years in prison for stealing $9 million from an elderly client through fraudulent accounts.
