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A Georgia-based investment adviser has agreed to pay the U.S. Securities and Exchange Commission more than $13 million, including a $3 million civil penalty, to resolve allegations that he misappropriated funds from an elderly client over several years, the SEC said Monday.

The settlement, filed in the U.S. District Court for the Northern District of Georgia, also requires Ejiro Ode Okuma to disgorge over $9 million and pay more than $1 million in prejudgment interest. The case stems from claims that Okuma exploited an 81-year-old client who relied on him for financial management and personal assistance.

According to the SEC, Okuma began managing the client’s financial affairs in 2016 while working for a prior employer, publicly reported as Edward Jones. The client, who faced health challenges, entrusted Okuma with payments of bills, grocery purchases, mail management, and other aspects of daily life.

Between March 2022 and March 2025, Okuma allegedly sold securities from the client’s brokerage accounts and transferred the proceeds into accounts under his control. In one instance, he instructed the client to write a $500,000 check to the estate of the client’s late sister, then rerouted those funds to his own account. He repeated this process months later with another $400,000 transfer.

In 2023, the SEC says Okuma created a new brokerage account, ostensibly for one of the client’s trusts, but then consolidated $9 million in securities from other accounts, granting himself easy access without the client’s knowledge. Around the same time, he accepted a new position at Equitable Advisors LLC but did not transfer client accounts, leaving the firm unaware of his misappropriation.

The SEC alleges that Okuma used the misappropriated funds for personal expenses, including work on a multimillion-dollar home, luxury vehicle purchases, and a down payment on a beach property. Once the SEC began investigating, Okuma returned a portion of the money, though the filings indicate he still owed approximately $9 million to the client.

Okuma consented to the entry of a stipulated judgment and agreed to cooperate with any court-appointed liquidation agent, which would mark the formal resolution of SEC allegations pending court approval.

The SEC is represented by M. Graham Loomis and Harry B. Roback. Okuma is represented by Walter Jospin, Carl Lietz, and Nicole Archambault of Finch McCranie LLP.

Case Information:

• Case: United States Securities and Exchange Commission v. Okuma

• Court: U.S. District Court, Northern District of Georgia

• Case Number: 1:26-cv-00561

• Nature of Suit: Securities/Commoditie