# 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.
- Title: Former Advisor Sentenced to 7 Years for $10M Fraud | Shortify
- Summary: Ejiroghene Okuma, a former financial advisor, received a seven-year prison sentence after defrauding an elderly client of nearly $10 million. Ejiroghene…
- Keywords: ejiroghene okuma, equitable, edward jones, wire fraud, securities and exchange commission, finra, restitution, disgorgement, business, finance, Former, Advisor
- Source: Yahoo Finance — https://finance.yahoo.com/markets/stocks/articles/former-advisor-gets-7-years-171703418.html
- Published: 2026-09-16T17:17:03+00:00
- Read time: 1 min
- Topics: ejiroghene okuma, equitable, edward jones, wire fraud, securities and exchange commission, finra, restitution, disgorgement, business, 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
## Key takeaway

Ejiroghene Okuma was sentenced to seven years in prison for stealing $9 million from an elderly client through fraudulent accounts.