SEC v. Ejiro Ode Okuma

Ejiro Ode Okuma allegedly breached his fiduciary duties to an elderly investment advisory client and misappropriated more than $9.8 million of the client’s assets. According to the SEC’s complaint, Okuma began misappropriating the client’s assets as well as assets from the estate of the client’s recently deceased sister. Okuma allegedly took several steps to conceal his continuing misappropriation, including authorizing the use of check writing from the account, setting up the log-in credentials for the account so that he could access and control the account, and creating an e-mail account to electronically impersonate the client. As alleged, Okuma then misappropriated the client’s funds for his own benefit, including to build a multi-million-dollar residence, purchase vehicles, and buy vacation homes.

Summary generated from official Securities and Exchange Commission press release