Former Equitable Advisors, LLC Sued by SEC and Barred by FINRA

• February 16, 2026
• Equitable Advisors

Broker’s Background

 

Ejiro Ode Okuma (CRD #: 5774832) was previously registered with Equitable Advisors, LLC. Okuma’s s past employers include Equitable Advisors, LLC and Edward Jones.

 

Current and Past Allegations of Conduct Leading to Investment Loss

 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in June 2025, Ejiro Ode Okuma became the subject of a customer dispute alleging, “registered representative took control of Claimant’s accounts converting funds to systemically enrich himself and a family member.” The damage amount requested is $9,143,000.00. He was then sanctioned and barred in December of 2025, after refusing to provide information and documents requested by FINRA in connection with its investigation into whether he converted funds of an elderly customer.

 

In addition, Ejiro Ode Okuma has been the subject of an SEC disclosure arising from the same underlying conduct.

 

On January 30, 2026, the U.S. District Court for the Northern District of Georgia, Atlanta Division, issued this Complaint as to Defendant Ejiro Ode Okuma. Plaintiff United States Securities and Exchange Commission (“SEC” or “Commission”) alleges as follows: Between March 2022 and March 2025, Okuma, a Georgia-based investment adviser, misappropriated more than $9.8 million from an elderly client. Okuma began his fraudulent scheme in 2022 by stealing approximately $900,000 from the client, who relied almost exclusively on Okuma for financial matters, and the estate of the client’s recently deceased sister. In 2023, Okuma began transferring securities from various brokerage accounts held by the client that Okuma managed to a new and unauthorized brokerage account. Okuma had created the new account purportedly for the benefit of a trust in the client’s name. In reality, Okuma sold securities held in the account and used most of the sales proceeds to support his own expensive lifestyle. At around the same time that Okuma opened the unauthorized brokerage account, he obtained signatory authority on the client’s primary bank account. Using his access to and control over the brokerage and bank accounts, Okuma ultimately misappropriated an additional $8.94 million from the client. Okuma facilitated the fraud by, among other means, electronically impersonating the client to access the brokerage account, forging the client’s signature on checks, and transferring funds from the client’s accounts to Okuma’s own bank account and other accounts over which he had control. Okuma used the misappropriated funds for his own benefit, including to build a multi-million-dollar residence, purchase vehicles, and buy vacation homes. By engaging in the conduct alleged in this Complaint, Defendant violated Section 17(a)(1) of the Securities Act of 1933 (“Securities Act”); Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rules 10b-5(a) and (c) thereunder; and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 (“Advisers Act”).

 

For a copy of Ejiro Ode Okuma’s FINRA Broker Check, click here

 

We Help Investors Recover Investment Losses

 

FINRA Rule 2150 specifically addresses theft and conversion in a customer account, stating “no member or person associated with a member shall make improper use of a customer’s securities or funds.”  This rule includes any “guarantee” that brokers make to customers in relation to losses incurred in a brokerage account.

 

In addition, FINRA Rule 3240 strictly prohibits a financial advisor from borrowing money from a client absent from unique circumstances, such as a familial relationship between the Financial Advisor and the client.  There is also an exception if the client is a financial institution regularly engaged in the business of lending.  The reason for this prohibition is clear—borrowing money from clients creates an immediate conflict of interest and can potentially lead to theft or conversion of client assets.

 

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

 

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

 

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

 

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation. Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

 

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies, and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (855) 289-7868 or by email at mwolper@wolperlawfirm.com