A former Pikesville, Maryland insurance agent and financial advisor has been indicted for the third time in connection with allegations of financial fraud. Michael C. Okolo, 68, of Parkville, Maryland, was charged by a Baltimore County Grand Jury with theft of property valued at $100,000 or more. The indictment follows two previous cases in which Okolo was accused of theft, insurance fraud, and acting as an insurance agent without a license.
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Okolo was first indicted in September 2024 after allegedly misusing funds meant for a client’s insurance policies. According to prosecutors, he took two partially blank checks from a client and deposited them into his business account instead of using them to pay for the client’s insurance premiums. He was also charged with unlawfully selling insurance products after his Maryland Insurance Administration (MIA) license was revoked in 2019.
In the latest case, investigators found that Okolo received a $100,000 check in October 2021 from a client for a supposed real estate investment. Instead of using the money for real estate purposes, Okolo is accused of spending it on personal and business expenses. When the client later questioned the status of the investment, Okolo allegedly claimed the funds were in an escrow account but failed to provide any proof.
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Okolo’s first two cases are set for trial on June 12, 2025, in Baltimore County Circuit Court. An initial appearance for the third case is scheduled for April 14, 2025. Maryland Attorney General Anthony G. Brown emphasized the severity of financial fraud and reaffirmed the state’s commitment to prosecuting those who exploit their clients for personal gain. The Maryland Insurance Administration and the Baltimore County State’s Attorney’s Office assisted in the investigation.
A criminal indictment is an accusation, and defendants are presumed innocent until proven guilty in court.
Article by multiple RFHC contributors, based upon information from the Maryland Office of the Attorney General.
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