Georgia Adviser Steals Nearly $10,000,000 From Elderly Client in Wire Fraud Scheme

A former investment adviser will serve more than seven years in prison after stealing nearly $10 million from an elderly client by moving cash into secret accounts.

Ejiroghene Okuma, 44, a Georgia resident, was appointed executor of the estate of the victim’s sister in 2022 and told the victim her estate needed funds, reports Atlanta News First.

The victim allowed him to transfer cash for the sister’s estate. However, Okuma instead transferred the money into bank and brokerage accounts that the client did not know about.

Prosecutors say that Okuma used the stolen money to buy a house in Georgia worth more than $5 million, pay for a beach club membership worth $1.4 million and make roughly $340,000 in church donations.

Okuma pleaded guilty to one count of wire fraud in March. He has just been sentenced to seven years and four months in prison plus three years of supervised release.

U.S. Attorney Theodore Hertzberg says the case should warn fiduciaries who exploit vulnerable clients for personal gain.

“Under the guise of acting as a financial adviser, Okuma abused the trust placed in him by an elderly client… His sentence should send a clear message to fiduciaries who may be tempted to steal: we will seek lengthy prison sentences to punish those who exploit vulnerable citizens to line their own pockets.”

A later hearing will set restitution.

Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Generated Image: Midjourney

The post Georgia Adviser Steals Nearly $10,000,000 From Elderly Client in Wire Fraud Scheme appeared first on The Daily Hodl.