Shepherd Smith Edwards and Kantas is investigating former Equitable Advisors representative Ejiro Ode Okuma, who was recently barred by the SEC and FINRA for allegedly misappropriating over $9.8M from an elderly client. The firm is now seeking to assist other potential victims of Okuma’s misconduct in recovering losses resulting from senior financial exploitation and a failure of supervision by his former brokerage firms.
Our Elder Financial Abuse Attorneys Are Investigating
Shepherd Smith Edwards and Kantas (investorlawyers.com) is looking into allegations of senior financial exploitation against former Equitable Advisors registered representative Ejiro Ode Okuma. Also an investment adviser with the firm, Okuma was barred by the US Securities and Exchange Commission (SEC) last month and by the Financial Industry Regulatory Authority (FINRA) in December 2025. He has agreed to pay more than $13M, including over $9M in disgorgement, more than $1M in prejudgment interest, and a $3M civil penalty to settle the SEC charges.
Okuma is accused of misappropriating over $9.8M from an octogenarian client who depended on him for financial matters. The former Georgia financial advisor also managed the estate of this client’s sister, who had died.
The alleged elderly financial abuse by this ex-broker is believed to have started in 2022. In 2023, Okuma purportedly started transferring $9M in securities from one of the client’s trusts without this older individual’s knowledge or permission, and he allegedly used a lot of the money to support his own lavish lifestyle.
Equitable Advisors, where Ejiro Okuma was most recently registered, allowed him to resign. Previous to that, Okuma was an Edward Jones broker and investment adviser. His BrokerCheck CRD lists one pending customer dispute that shows the Claimant seeking more than $9.1 in damages.
Even if the brokerage firm where Okuma was registered with at the time of his alleged senior financial abuse of a Client didn’t know what was happening, its failure to supervise, detect, and stop any fraudulent behavior could be considered negligence and grounds for an investment loss recovery claim.
Our senior financial exploitation attorneys are investigating whether other former customers of Okuma also may have sustained similar losses.
What Is Elder Financial Abuse Involving A Broker?
Senior financial exploitation is a serious problem in the United States that continues to cost its victims billions of dollars every year. Family members, caregivers, friends, and strangers have been known to take advantage of older people and their finances—especially elderly individuals suffering from Dementia and other health issues. But also, there are financial professionals who will exploit their older clients and steal from them. This is where Shepherd Smith Edwards and Kantas can step in.
Our elder financial abuse lawyers represent senior investors who have sustained losses because of broker misconduct, including unsuitable investment recommendations, misrepresentations and omissions, negligence, misappropriation, fraud, and a failure to supervise. Many of our clients are retirees.
Whether or not your financial advisor intentionally meant to take advantage of you or your older loved one or not, if broker fraud was involved, you may be able to sue the stockbroker and their firm for damages.
I’m An Elderly Investor. What Are Some Signs of Possible Senior Financial Exploitation By Your Stockbroker?
- There are unauthorized transactions, transfers, or withdrawals in your accounts.
- The statements you are receiving are not accurate in terms of the amount of money that is actually in your account.
- Your financial advisor is not returning emails or calls.
- There are serious losses in your investment accounts.
We Are Seasoned Elder Financial Abuse Lawyers
We take this crime against older investors very seriously. Our securities law firm has the knowledge, skills, and resources to represent these kinds of investment loss recovery claims in arbitration, mediation, or litigation.
We believe in helping older investors and their families take preventive measures even before any senior financial exploitation can happen. This is why we have partnered with McCulloch & Miller to provide elder law, probate, and estate planning services.
How Can I Reach Your Elder Financial Exploitation Law Firm?
Call (800) 259-9010 or fill out this online form to schedule your free case consultation.