ADVISER IMITATES CLIENT TO STEAL MILLIONS FOR MANSIONS!

SEC v. Ejiro Ode Okuma — U.S. Securities and Exchange Commission Litigation Release No. 26474, dated February 4, 2026.

An investment adviser in Georgia allegedly stole over $9.8 million from an elderly client and the estate of their deceased sister. The adviser used the funds for personal expenses like building a mansion and buying vacation homes. He has agreed to pay over $13 million to settle the SEC's charges.

In Plain English

Imagine you trusted someone to manage your money, like a financial helper. This helper secretly took millions of dollars from your accounts. They used the money to buy fancy things for themselves, like big houses and cars. The government stepped in, and now the helper has to pay back the money they stole, plus extra, to make things right.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Began Misappropriating Funds Starting in March 2022, Ejiro Ode Okuma allegedly began stealing money from an elderly client and the estate of the client's recently deceased sister. Initially, approximately $900,000 was taken.
2. Opened Unauthorized Account In February 2023, Okuma opened a new brokerage account for one of the client's trusts without the client's knowledge or consent. He then transferred over $9 million in securities from the client's other accounts into this new account.
3. Concealed Scheme Mechanics To hide his ongoing theft, Okuma set up the new brokerage account with features like check-writing capabilities. He also established login credentials that gave him full control and created a separate email address to impersonate the client.
4. Sold Securities Okuma sold the securities that had been transferred into the newly opened trust account. The proceeds from these sales were then used to fund his fraudulent activities.
5. Obtained Bank Account Authority Around the same time he opened the unauthorized brokerage account, Okuma gained signatory authority over the client's primary bank account.
6. Further Misappropriation Using his control over both the brokerage and bank accounts, Okuma misappropriated an additional $8.94 million from the client, bringing the total to over $9.8 million.
7. Facilitated Fraud Okuma employed various methods to facilitate the fraud, including electronically impersonating the client to access accounts, forging the client's signature on checks, and transferring funds directly into his own bank account or other accounts he controlled.
8. Personal Use of Funds The stolen funds were used by Okuma for his personal benefit. This included building a multi-million-dollar residence, purchasing vehicles, and acquiring vacation homes.

The Enforcement Action

On January 30, 2026, the SEC filed a settled action against Georgia investment adviser Ejiro Ode Okuma for allegedly misappropriating over $9.8 million from an elderly client and the client's deceased sister's estate. Okuma agreed to pay over $13 million to settle the charges, including $9,025,424.89 in disgorgement, $1,029,626.64 in prejudgment interest, and a $3,000,000 civil penalty. He is permanently enjoined from violating federal securities laws and from participating in the issuance, purchase, offer, or sale of any security, except for personal purchases/sales on national exchanges.

Named in this action: Ejiro Ode Okuma.

Original SEC litigation release ↗ · Browse all cases