Ejiroghene Okuma, a U.S.-based financial adviser, has been sentenced to seven years in federal prison for defrauding a senior citizen of over $9 million, which he spent on luxury real estate, exclusive memberships, and personal expenses. The sentencing took place on September 11, following his guilty plea to wire fraud charges. In addition to the prison term, Okuma will serve three years of supervised release after his incarceration ends.
Okuma, 44, held a position of trust as the administrator of the estate of the victim’s sister, whose identity remains protected. Prosecutors revealed that in March 2022, he manipulated the elderly victim into transferring $500,000 from her sister’s brokerage account to another account falsely claimed to be designated for the estate. Once the funds were transferred, he moved them into his wife’s company account, marking the beginning of a systematic theft.
Between February 2022 and January 2023, Okuma stole approximately $1 million from the victim’s accounts. His fraudulent activities escalated in February 2023 when he opened an unauthorized brokerage account under the name of a revocable trust linked to the victim. On the same day, he created a personal bank account and positioned himself as the custodian of the victim’s financial assets.
This custodianship gave him complete control over the victim’s funds without oversight. Within days, he drained the account, wiring nearly $9 million directly into his own accounts. He then used the stolen money to purchase a $5.2 million luxury apartment in Vinings, Georgia, a $1.4 million beach club membership, and made a $340,000 donation to his church.
Special Agent in Charge of the FBI Atlanta Field Office, Mr. Graham, emphasized the agency’s commitment to combating financial crimes targeting vulnerable individuals. “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,” Mr. Graham stated. “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.”
The FBI reiterated its resolve to aggressively pursue financial predators who abuse their positions of trust. This case highlights the growing threat of financial scams against older adults, particularly those who rely on financial professionals for guidance. Authorities urge seniors to remain vigilant and verify all financial transactions, especially those involving trusted advisors or estate administrators.
As law enforcement continues to crack down on such crimes, this verdict serves as a warning to others who may consider exploiting vulnerable clients for personal gain.
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