A former Edward Jones investment advisor pleaded guilty recently to one wire fraud count after swindling an elderly client of nearly $10 million over three years and using the funds to build a luxury house, join a beach club and donate to his church, U.S. Attorney Theodore S. Hertzberg in Atlanta announced.
Eijroghene Okuma, 43, of Lithia Springs, Georgia, who was with Edward Jones from 2010 to May 2023, initially embezzled nearly $1 million from an elderly client in 2022 while administering the client's sister's estate, falsely representing that the estate needed money, according to the attorney general.
Then Okuma set up a fraudulent Vanguard account as a revocable trust in his client-victim's name and embezzled nearly $9 million from August 2023 to March 2025, funneling the money into bank accounts that he or his wife controlled, according to prosecutors.
"This was the ultimate act of financial betrayal," Hertzberg said last month. "Instead of abiding by his fiduciary obligations, Okuma exploited an elderly man's trust and stole millions. We will aggressively prosecute investment professionals who scheme to steal clients' funds, rather than protect their financial interests."
Peter Ellis, acting special agent in charge of FBI Georgia, added, "Eijroghene Okuma abused a position of trust to carry out a calculated scheme that stole millions from an elderly victim."
The client, born in 1944, was unaware of the fraudulent Vanguard account until Okuma's scheme was uncovered more than two years later, Hertzberg's office said. On the same day that Okuma opened the account, he added himself as a custodian to a bank account in the client's name, giving himself full authority to withdraw funds without the victim's approval, prosecutors alleged.
Okuma — whose full name is given as Ejiro Ode Okuma in his FINRA BrokerCheck records and SEC documents but is referred to as Eijroghene Okuma by the U.S. Attorney's office — used the money to build a $5.2 million residence in Vinings, Georgia, join a beach club and buy a fractional share of a beach house for about $1.4 million, and donate about $340,000 to his church, according to Hertzberg's office.
He is scheduled to be sentenced June 23 before U.S. District Judge Sarah E. Geraghty. In the plea agreement, the parties recommended a sentence of 78 months to 97 months in prison.
"Okuma separated from Edward Jones in May 2023 and registered with another investment firm thereafter. Edward Jones has fully cooperated with the U.S. Securities and Exchange Commission during its investigation. Our focus remains on protecting and serving clients, and on upholding strong standards across the firm," an Edward Jones spokesperson told ThinkAdvisor in an email Friday.
On Jan. 30, the SEC filed a settled action against Okuma, alleging that he breached his fiduciary duties and misappropriated over $9.8 million from a client. The agency added that Okuma agreed to $9 million in disgorgement with over $1 million in prejudgment interest and a $3 million civil penalty. Final judgment in the SEC action was entered in February, according to Hertzberg.
Okuma was barred by the Financial Industry Regulatory Authority from acting as a broker and by the SEC from working as an advisor, according to his BrokerCheck profile. He worked for Edward Jones from 2010 to 2023 and for Equitable Advisors from May 2023 to June 2025, the record shows.
Okuma was permitted to resign from Equitable in June after the firm suspended him over allegations from a non-Equitable client, the record states.
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