Former Adviser Sentenced for $10 Million Fraud Scheme

A former investment adviser is heading to prison for more than seven years after stealing nearly $10 million from an elderly client. Ejiroghene Okuma, 44, pleaded guilty to wire fraud earlier this year after authorities discovered he had been funneling his client's money into secret accounts.

Okuma gained control of the funds by acting as the executor for the estate of the client's sister. He convinced the victim that the estate required money, only to divert the cash into personal bank and brokerage accounts. He spent the stolen funds on a $5 million home, an expensive beach club membership, and large church donations.

Federal prosecutors emphasized that this case serves as a warning to those in positions of trust. U.S. Attorney Theodore Hertzberg stated that fiduciaries who exploit vulnerable individuals for personal gain will face significant prison time. While the sentencing is complete, a future hearing will determine the final amount of restitution the victim will receive.