Eijroghene Okuma, a former investment advisor, pleaded guilty on Mar. 17 to one count of wire fraud after admitting to defrauding an elderly client out of nearly $10 million over three years.
The case highlights concerns about financial exploitation targeting older Americans and the importance of prosecuting those who abuse positions of trust. The U.S. Attorney for the Northern District of Georgia serves as the principal federal law enforcement agency in the district, coordinating cases with nationwide and international dimensions and enforcing federal criminal laws while collaborating with law enforcement to protect public safety, according to the official website.
U.S. Attorney Theodore S. Hertzberg said, “This was the ultimate act of financial betrayal. 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.”
According to court information, Okuma began embezzling from his client in February 2022 after being appointed administrator for the client's sister's estate. He transferred large sums under false pretenses into accounts he controlled or that were held by his wife’s company without the victim’s knowledge. By early 2023, Okuma had opened unauthorized brokerage accounts using fraudulent documents and continued transferring millions more from his client’s accounts without consent.
Acting Special Agent in Charge Peter Ellis said, “Eijroghene Okuma abused a position of trust to carry out a calculated scheme that stole millions from an elderly victim. The FBI is committed to protecting older Americans from financial exploitation and will continue working with our partners to ensure criminals who target seniors are held accountable.”
Okuma used stolen funds for personal expenses including building a residence valued at $5.2 million, joining a beach club, purchasing part ownership in a beach house for $1.4 million, and making significant donations to his church.
Sentencing is scheduled for June 23 before U.S. District Judge Sarah E. Geraghty. In addition to criminal proceedings, Okuma agreed in a settled action brought by the Securities and Exchange Commission on Jan. 30 to pay more than $13 million in restitution and penalties.
The Northern District of Georgia covers a region serving approximately 7.5 million residents across north Georgia mountains, Atlanta suburbs, and borders with Alabama and the Carolinas according to its official website.
The U.S. Attorney for this district has prioritized prosecution of threats such as terrorism, human trafficking and civil rights violations as part of its mission to serve the community according to its official website.
