Maryland Financial Advisor Found Guilty of Felony Insurance Fraud, Second Conviction

A Baltimore County jury has returned a guilty verdict against Michael C. Okolo, a 68-year-old financial advisor from Parkville, Maryland, on 10 felony counts of insurance fraud. The convictions stem from Okolo’s actions as an unlicensed insurance agent, engaging in prohibited activities between 2021 and 2024. This marks the second conviction for Okolo, following a prior guilty verdict in December 2025 for insurance fraud and obstruction of justice.

According to information released by the Maryland Attorney General’s office, Okolo operated as an insurance agent without the necessary license on 10 separate occasions, resulting in over $88,000 in commissions. These illicit sales occurred after the Maryland Insurance Administration (MIA) had revoked Okolo’s license in 2019 due to misappropriation of premium payments. Following the revocation of his license, Okolo established a new business entity, Wise Money Group, and enlisted a licensed agent to co-sign annuity applications for policies he had personally sold.

This latest conviction follows a separate trial in December 2025, where Okolo was found guilty of misappropriating $36,500 from a client, funds that were deposited into his business account and subsequently used for personal and business expenditures. During that case, Okolo also obstructed justice by creating a fabricated letter and copying a client’s signature from a legitimate document to mislead investigators. He received a sentence of six months of active incarceration in January 2026 for those charges, which included two counts of insurance fraud and obstruction of justice.

Okolo is scheduled to be sentenced by the Honorable Michael Barranco on July 29, 2026, in the Circuit Court for Baltimore County. The Attorney General’s office highlighted the efforts of its Criminal Division, including Division Chief Katie Dorian, Fraud and Corruption Unit Chief Alex Huggins, and Assistant Attorneys General Michelle Martin and William Elman, who were instrumental in prosecuting these cases. The Maryland Insurance Administration and the State’s Attorney for Baltimore County, Scott Shellenberger, also provided assistance in the investigation and prosecution.

This verdict means that Marylanders who have been victims of financial fraud by unlicensed individuals are seeing justice served. The actions of Okolo, particularly operating as an insurance agent after his license was revoked for prior misconduct, directly impacted the financial security of those who entrusted him with their investments. Residents of Maryland should be aware that engaging in financial services without proper licensing can lead to severe legal consequences, and regulatory bodies like the Maryland Insurance Administration are actively working to protect consumers from such fraudulent practices. The Attorney General’s office’s commitment to pursuing financial predators underscores the importance of consumer vigilance and reporting suspicious activity.

Article by Mel Anara, based upon information from the Maryland Attorney General’s Office.

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