The US Securities and Exchange Commission (SEC) has filed a complaint against Ejiro Ode Okuma, a Georgia-based investment adviser.

The SEC’s complaint, submitted at the Georgia Northern District Court, alleges that, between March 2022 and March 2025, Okuma, misappropriated more than $9.8 million from an elderly client.

Okuma began his fraudulent scheme in 2022 by stealing approximately $900,000 from the client, who relied almost exclusively on Okuma for financial matters, and the estate of the client’s recently deceased sister.

In 2023, Okuma began transferring securities from various brokerage accounts held by the client that Okuma managed to a new and unauthorized brokerage account. Okuma had created the new account purportedly for the benefit of a trust in the client’s name.

In reality, Okuma sold securities held in the account and used most of the sales proceeds to support his own expensive lifestyle.

At around the same time that Okuma opened the unauthorized brokerage account, he obtained signatory authority on the client’s primary bank account. Using his access to and control over the brokerage and bank accounts, Okuma ultimately misappropriated an additional $8.94 million from the client.

Okuma facilitated the fraud by, among other means, electronically impersonating the client to access the brokerage account, forging the client’s signature on checks, and transferring funds from the client’s accounts to Okuma’s own bank account and other accounts over which he had control.

Okuma used the misappropriated funds for his own benefit, including to build a multi-million-dollar residence, purchase vehicles, and buy vacation homes.

The SEC accuses the defendant of violations of Section 17(a)(1) of the Securities Act of 1933 (“Securities Act”) [15 U.S.C. § 77a(a)]; Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rules 10b-5(a) and (c) thereunder [15 U.S.C. § 78j(b) and 17 C.F.R. § 240.10b-5]; and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 (“Advisers Act”) [15 U.S.C. § 80b-6].

The Commission seeks to enjoin the defendant from engaging in the transactions, acts, practices, and courses of business alleged in this complaint, and transactions, acts, practices, and courses of business of similar purport and object, for civil penalties, disgorgement plus prejudgment interest, and for other equitable relief.