Ex-Insurance Agent Sentenced for Fraud Now Facing New Charges

A Baltimore County judge has sentenced Michael C. Okolo, a resident of Parkville, Maryland, to six months of incarceration following his conviction on two counts of insurance fraud and one count of obstruction of justice. The jury reached its verdict on December 4 of last year, finding Okolo guilty of serious financial misconduct.

According to Attorney General Anthony G. Brown, the jury determined that Okolo misappropriated funds from a client that were specifically intended for life insurance and annuity policy premiums. The client had issued two incomplete checks totaling $36,500, which Okolo illegally altered to make them payable to his own business. He then deposited these checks into his business account and misused the funds for both personal and business expenses.

In addition to the fraud charges, Okolo was also found guilty of obstructing justice. In May 2025, after being charged with insurance fraud, he attempted to introduce an exculpatory letter that he claimed was written and signed by the client. However, the jury discovered that Okolo had fabricated this letter in an effort to influence the outcome of his trial.

Jury Finds Agent Guilty of Twice Misappropriating Client’s Insurance Funds

Upon his release, Okolo will be subject to three years of supervised probation. Should he violate the terms of his probation, he faces the possibility of an additional 9.5 years of incarceration. It is important to note that Okolo has already paid restitution to the affected client.

In addition to his current charges, Okolo is facing two other cases that are scheduled for trial later this year. In one case, he is charged with theft of $100,000 or more, having allegedly misused another client’s funds that were intended for a real estate investment. Instead of using the money as intended, he reportedly spent it on unrelated personal and business expenses. In the other case, Okolo faces multiple counts of acting as an insurance agent without a license, having solicited and sold insurance products after the Maryland Insurance Administration revoked his license.

It is crucial to remember that charges are merely accusations, and Okolo is presumed innocent of the additional charges until the state can prove his guilt beyond a reasonable doubt.

Source: Maryland Attorney General

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Agencies
Fraud

A Baltimore County judge has sentenced Michael C. Okolo, a resident of Parkville, Maryland, to six months of incarceration following his conviction on two counts of insurance fraud and one count of obstruction of justice. The jury reached its verdict on December 4 of last year, finding Okolo guilty of serious financial misconduct.

According to Attorney General Anthony G. Brown, the jury determined that Okolo misappropriated funds from a client that were specifically intended for life insurance and annuity policy premiums. The client had issued two incomplete checks totaling $36,500, which Okolo illegally altered to make them payable to his own business. He then deposited these checks into his business account and misused the funds for both personal and business expenses.

In addition to the fraud charges, Okolo was also found guilty of obstructing justice. In May 2025, after being charged with insurance fraud, he attempted to introduce an exculpatory letter that he claimed was written and signed by the client. However, the jury discovered that Okolo had fabricated this letter in an effort to influence the outcome of his trial.

Jury Finds Agent Guilty of Twice Misappropriating Client’s Insurance Funds

Upon his release, Okolo will be subject to three years of supervised probation. Should he violate the terms of his probation, he faces the possibility of an additional 9.5 years of incarceration. It is important to note that Okolo has already paid restitution to the affected client.

In addition to his current charges, Okolo is facing two other cases that are scheduled for trial later this year. In one case, he is charged with theft of $100,000 or more, having allegedly misused another client’s funds that were intended for a real estate investment. Instead of using the money as intended, he reportedly spent it on unrelated personal and business expenses. In the other case, Okolo faces multiple counts of acting as an insurance agent without a license, having solicited and sold insurance products after the Maryland Insurance Administration revoked his license.

It is crucial to remember that charges are merely accusations, and Okolo is presumed innocent of the additional charges until the state can prove his guilt beyond a reasonable doubt.

Source: Maryland Attorney General

Topics
Agencies
Fraud