Ikenna Ikokwu

Full Report

Key Points

• Ikenna “Ike” Ikokwu is a Georgia-based tax advisor and Certified Public Accountant (CPA) with over 20 years of experience, focusing on tax planning, compliance, and financial management for small businesses and individuals.

• In 2018, the U.S. Securities and Exchange Commission (SEC) charged Ikokwu and his companies with fraud for persuading clients to invest $5 million in a fraudulent scheme involving FutureGen Company, receiving undisclosed kickbacks of over $100,000.

• Ikokwu settled with the SEC without admitting or denying the charges, agreeing to pay $256,181.57 in penalties, disgorgement, and interest, and was barred from the securities industry for five years with the right to reapply.

• Recent activities include seminars on financial management under “Bidenomics,” partnerships with the National Association of State Boards of Accountability (NASBA) and Tax Pros Certificate LLC, and a focus on retirement tax planning.

• Mixed online presence with professional accolades but limited customer reviews, raising concerns about transparency and reputational risks due to past SEC allegations.

Overview

Ikenna Ikokwu, based in Cumming, Georgia, operates as a tax advisor, CPA, and financial consultant under entities such as Ikenna Ikokwu Advisors and previously Winning the Money Game with Ike, Inc., and Winning the Money Game, LLC. He markets himself as an expert in tax planning, retirement strategies, and small business financial management, emphasizing tax optimization and compliance. Ikokwu is also a best-selling author of a personal finance book, a Certified New Money Story Mentor Coach, and a Certified Speaker with The John Maxwell Team. His services include advising on Required Minimum Distributions (RMDs), Roth conversions, and tax-efficient withdrawal strategies. In 2023, he announced a seminar titled “Financial Management for Small Business Under Bidenomics” and joined NASBA while forming a joint venture with Tax Pros Certificate LLC. His online presence spans LinkedIn, a personal website (ikenna-ikokwu.com), and social media platforms, where he promotes financial freedom and retirement planning.

Allegations and Concerns

• SEC Fraud Charges (2016-2018): The SEC filed a complaint in 2016, alleging Ikokwu persuaded over 20 clients to invest $5 million in FutureGen Company, a firm previously charged with defrauding investors in a Ponzi-like scheme. Ikokwu allegedly received over $100,000 in undisclosed kickbacks and misrepresented his due diligence, claiming extensive research when he conducted little to none. Marketing materials falsely stated he received no third-party compensation for investment advice. In 2018, a federal court ordered Ikokwu and his companies to pay $169,311.64 in disgorgement, $6,869.93 in prejudgment interest, and an $80,000 civil penalty. He also agreed to repay $64,796.43 to investors via a receiver settlement. Ikokwu was barred from the securities industry for five years with the right to reapply.

• Misrepresentation of Independence: The SEC complaint highlighted that Ikokwu presented himself as an objective advisor while failing to disclose referral fees (2.0-2.5% of client investments) from FutureGen, violating client trust and securities laws.

• Continued Investment Recommendations Post-Red Flags: Despite questioning FutureGen’s financials in 2014, Ikokwu continued recommending investments, raising concerns about his judgment and ethics.

Customer Feedback

Customer feedback on Ikokwu is sparse, with no direct reviews found on platforms like Yelp, Trustpilot, or the Better Business Bureau (BBB). His online presence is primarily self-promotional, lacking independent consumer testimonials.

• Positive Feedback: Ikokwu’s LinkedIn posts and website highlight client success and professional recognition, such as his NASBA membership and joint venture with Tax Pros Certificate LLC. A 2023 EIN Presswire article describes him as “widely recognized for his deep knowledge, professionalism, and commitment to client success.” No specific client quotes are provided.

• Negative Feedback: No explicit negative reviews were identified, but the SEC allegations suggest client harm, as over 20 investors lost $5 million in a fraudulent scheme Ikokwu promoted. The lack of transparency about these losses in his current marketing raises concerns. The absence of reviews on consumer platforms may indicate limited client engagement or deliberate reputation management.

• Example Concern: The SEC noted that Ikokwu’s clients were misled about the safety of FutureGen investments, with one client potentially losing retirement savings due to his recommendations.

Risk Considerations

• Financial Risk: Clients face potential financial losses if Ikokwu’s advice is influenced by undisclosed incentives, as seen in the FutureGen case. His focus on complex tax strategies (e.g., Roth conversions, RMDs) requires clients to verify recommendations independently to avoid costly errors.

• Reputational Risk: Ikokwu’s SEC history and industry ban (2018-2023) may deter clients seeking trustworthy advisors. His continued branding as a “trusted advisor” without addressing past allegations could signal a lack of accountability, impacting client confidence.

• Legal Risk: Although the SEC case was settled, future violations could lead to permanent bans or criminal charges, especially if Ikokwu engages in securities-related activities before his ban expires. Clients may face legal complications if tax strategies are non-compliant with IRS regulations.

• Operational Risk: Ikokwu’s reliance on self-promotion and lack of transparent client feedback suggest limited operational scale, potentially affecting service quality for high-net-worth clients or complex cases.

Business Relations and Associations

• National Association of State Boards of Accountability (NASBA): In 2023, Ikokwu joined NASBA, a regulatory body for accounting standards, enhancing his credibility but not directly tied to client services.

• Tax Pros Certificate LLC: Ikokwu formed a joint venture with this entity in 2023 to offer tax advisory services and professional development, signaling expansion but lacking details on operational impact.

• FutureGen Company (Past): Ikokwu’s relationship with FutureGen and its principal, Lawrence P. Schmidt, led to the SEC charges. This association is no longer active but remains a significant red flag.

• The John Maxwell Team: Ikokwu is a certified speaker and coach with this leadership training organization, indicating a focus on motivational speaking alongside financial advising.

• Social Media Presence: Ikokwu actively engages on LinkedIn, Facebook, Twitter, Instagram, and TikTok, promoting his services and seminars. These platforms are managed by Ikenna Ikokwu Advisors.

Legal and Financial Concerns

• SEC Lawsuit (2016-2018): Ikokwu and his companies were charged with violating Section 17(a) of the Securities Act, Sections 10(b) and 15(a)(1) of the Exchange Act, Rule 10b-5, and Sections 206(1) and 206(2) of the Advisers Act. The final judgment included $256,181.57 in total payments and a five-year securities industry ban.

• Receiver Settlement: Ikokwu agreed to repay $64,796.43 to FutureGen investors, indicating financial liability for client losses.

• No Bankruptcy Records: No evidence of personal or corporate bankruptcy was found in public records.

• No Unpaid Debts: No public records indicate outstanding debts beyond the SEC settlement obligations, which appear resolved.

• Tax Compliance: Ikokwu’s current services emphasize IRS compliance, but clients should verify his recommendations due to past ethical lapses.

Risk Assessment Table

Potential clients should approach Ikokwu with caution, prioritizing due diligence. Verify his tax and financial advice through independent CPAs or legal counsel, especially for complex strategies like Roth conversions or RMDs. Request references from recent clients and review his NASBA membership status. Avoid any securities-related services until his ban expires and his track record is clear. Small business owners attending his seminars should cross-check policy interpretations (e.g., Bidenomics) with primary sources like IRS guidelines.