Ex-Insurance Agent Sentenced for 2 Fraud Counts Faces Additional Charges

A Baltimore County judge sentenced Michael C. Okolo, of Parkville, Maryland, to six months incarceration for two counts of insurance fraud and one count of obstruction of justice.

A jury found Okolo guilty of those charges on December 4 last year.

Attorney General Anthony G. Brown said the jury found that Okolo twice misappropriated a client’s funds intended for life insurance and annuity policy premiums. After the client gave Okolo two incomplete checks totaling $36,500, Okolo illegally made them payable to his own business, deposited them into his own business account, and used the money for personal and business expenses.

The jury also found Okolo guilty of obstructing justice. In May 2025, after being charged with insurance fraud for the acts above, Okolo disclosed an exculpatory letter purportedly written and signed by the client, intending that it be admitted in evidence at his upcoming trial. Okolo, however, had fabricated the letter.

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

Upon his release, Okolo will be on three years of supervised probation. If he violates probation, he could be sentenced to as much as 9.5 years of additional incarceration. Okolo has paid restitution.

Okolo has been charged in two other cases which are scheduled for trial later this year. In one, Okolo is charged with theft of $100,000 or more after allegedly spending another client’s funds intended for a real estate investment on unrelated personal and business expenses. In the other, Okolo is charged with numerous counts of acting as an insurance agent without a license for allegedly soliciting and selling insurance products after the Maryland Insurance Administration revoked his license.

Charges are merely accusations and Okolo is presumed innocent of the additional charges until the state proves the defendant guilty beyond a reasonable doubt.

Source: Maryland Attorney General