The Securities and Trade Fee mentioned it has reached an settlement to settle prices towards a Georgia-based advisor who allegedly stole greater than $9.8 million from an aged consumer.
Ejiro Ode Okuma, 43, of Smyrna, Ga., was beforehand registered with Equitable Advisors from Could 2023 to June 2025, when the agency suspended him for misappropriating funds of a non-Equitable consumer, in accordance with his BrokerCheck profile.
The Monetary Trade Regulatory Authority barred Okuma in December, citing the investigation. Previous to that, he was with Edward Jones.
The SEC has accused him of breaching his fiduciary duties when, in February 2023, he opened a brokerage account for one in every of his shoppers’ trusts and transferred greater than $9 million from the consumer’s different accounts. The consumer was an 81-year-old man. He then used the funds for himself, constructing a multi-million-dollar residence and shopping for automobiles and trip properties.
“Okuma facilitated the fraud by, amongst different means, electronically impersonating the consumer to entry the brokerage account, forging the consumer’s signature on checks, and transferring funds from the consumer’s accounts to Okuma’s personal checking account and different accounts over which he had management,” the grievance mentioned.
The SEC grievance additionally mentioned Okuma by no means transferred the consumer’s accounts when he moved to Equitable from Edward Jones, though he mentioned he did.
Okuma agreed to be completely enjoined from violating the charged provisions; he’ll pay $13 million in disgorgement and penalties.
A spokesperson for Equitable didn’t instantly return a request for remark.
