Ejiro Ode Okuma (CRD# 5774832, also known as “EJ Okuma”) is a former registered broker and investment advisor whose last known employer was Equitable Advisors, LLC (CRD#:6627) of Atlanta, GA. His previous employer was Edward Jones (CRD#:250), also of Atlanta. Additionally, Okuma also owned and operated Okuma Capital Management in Georgia. He has been in the industry since 2010.
The SEC recently filed a complaint against Okuma. In its complaint, the SEC alleges that from March 2022 through March 2025, he misappropriated over $9.8 million from an elderly client.
The client filed a dispute on 6/4/2025, alleging that Okuma obtained control of the client’s brokerage accounts, “converting funds to systemically enrich himself and a family member.” This claim is still pending, and requests damages of $9,143,000.00.
Shortly thereafter, on 6/16/2025, Okuma was “permitted to resign” after Equitable Advisors suspended him following the client’s dispute claim with allegations of misappropriation.
For the investigation into these allegations, FINRA notified Okuma on September 17, 2025, and requested information and documentation related to the allegations, in compliance with FINRA Rule 8210. On November 14, 2025, Okuma’s legal counsel notified FINRA staff that he declined to provide the requested information and documents and would not do so in the future.
Okuma’s refusal to cooperate with FINRA led to a complete and permanent bar from association with any FINRA member in any capacity.
Fraud And Misappropriations
Okuma began working with his 81-year-old client in 2016. Over time, the client became reliant on Okuma for more than just financial recommendations, including handling his bill paying, household shopping, arranging for caregivers, and personal mail. In August of 2021, the client’s only living relative, a sister, passed intestate. The client requested the probate court appoint Okuma as administrator, which it did in February of 2022.
Okuma first requested the client write a check to the sister’s estate for $500,000. Once written, Okuma deposited the check into an account he controlled that was also affiliated with one of his family members.
The SEC further alleges that in 2023, Okuma opened up a new and unauthorized brokerage account for a trust that was allegedly for the same client’s benefit. Once established, he moved all of the client’s funds into the “trust account,” leaving the original accounts nearly empty. Okuma gave himself check-writing authority, online credentials, and a new email account to pose as the client, giving him full access to everything.
Afterward, Okuma then convinced the client to add him as a joint account holder to his personal account with a right of survivorship. Between August 2023 and March 2025, Okuma forged signatures to draft multiple checks from the client’s accounts. He deposited one check for $500,000 into an account he controlled, and another check for $6,743,000 into the account for the firm Okuma owned and managed.
According to the SEC, Okuma converted spent funds for his family for:
- Luxury car purchases
- Purchase of real property worth $5.6 million
- Partial construction of a multi-million-dollar home on the property
- Down payment on a separate beach house worth $1.4 million
- Acquired a fractional share of another vacation house
When Okuma moved to Equitable Advisors from Edward Jones, he notified the client and stated that the new firm would handle the client’s accounts. However, Okuma did not move any of the accounts. Equitable Advisors did not know of any of these accounts, nor of Okuma’s misappropriation activities. The client knew nothing of Okuma’s arrangements on his behalf.
Once Okuma discovered that he was being investigated, he began returning some of the funds to his client. However, at the time of the SEC’s filing, he still owed the client $9 million.
The SEC charged Okuma with violations of Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act, and Rules 10b-5(a) and (c), and Sections 206(1) and 206(2) of the Investment Advisers Act. It seeks permanent injunctions, disgorgement of all ill-gotten gains along with prejudgment interest, and civil penalties.
The complaint also includes an injunction that bars Okuma from participating in securities, including issuance, purchase, sale, or offers. The agency has demanded a jury trial and requests that the court order Okuma to relinquish all his rights, title, and interests in the purchased properties.
The case is United States Securities and Exchange Commission v. Okuma, case number 1:26-cv-0056, in the U.S. District Court for the Northern District of Georgia.
Did You Invest With Ejiro Ode Okuma?
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