Smyrna financial adviser sentenced for defrauding elderly client of nearly $10 million, officials say

A Smyrna financial adviser will serve more than seven years in prison after officials say he defrauded one of his elderly clients out of almost $10 million.

Ejiroghene O. Okuma, 44, pleaded guilty to one count of wire fraud in March.

According to prosecutors, Okuma had been appointed to administer the estate of the victim in the case's sister as an investment adviser in 2022.

While in that position, authorities say Okuma lied to the victim that the sister's estate needed funds, eventually getting them to transfer $500,000 from a brokerage account to a bank account he had claimed was held for the estate. Once the funds were moved over, Okuma transferred the funds to a bank account in the name of his wife's company.

Months later, Okuma stole around $400,000 by tricking the victim by telling her she needed to pay as part of the administration of the estate and the sale of the sister's home, officials say.

Prosecutors claimed that the Smyrna man also set up fraudulent accounts in his own name or designating him a custodian that would transfer the victim's funds and move them into other accounts that he controlled. This continued for months, and investigators say he used the money to buy a $5.2 million home in Vinings and an approximately $1.4 million beach club membership.

"Okuma betrayed the trust of an elderly client and exploited his position as a financial adviser to steal nearly $10 million for his own personal benefit," said Marlo Graham, special agent in charge of FBI Atlanta. "He used his access and authority to systematically drain his victim's accounts while funneling the stolen money into lavish purchases and other personal expenses."

On Friday, a judge sentenced Okuma to seven years and four months in prison to be followed by three years of supervised release. A later hearing will determine how much he will have to pay in restitution.

"Under the guise of acting as a financial adviser, Okuma abused the trust placed in him by an elderly client," said U.S. Attorney Theodore S. Hertzberg. "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."