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BALTIMORE, MD (March 19, 2025) – Attorney General Anthony G. Brown announced today
that the Grand Jury for Baltimore County has handed down a third indictment charging Michael
C. Okolo, 68, of Parkville, Maryland, with theft of property valued at $100,000 or more. This is
the third time since September 2024 that Okolo has been indicted in connection with his former
business as an insurance agent and purported financial advisor.
In September 2024, Okolo was charged with theft and insurance fraud. In the first case, a client
gave Okolo two partially blank checks to pay for premiums on the client’s two insurance
policies. Okolo is alleged to have made the checks payable to his business, deposited the checks
in his business account, and spent the money on his own personal and business expenses, rather
than using them for the client’s insurance policies.
In the second case, Okolo was charged with acting as an insurance agent without a license, for
allegedly continuing to solicit and sell insurance products after the Maryland Insurance
Administration (MIA) revoked his license in 2019.
While investigating Okolo for theft and insurance fraud, investigators from the MIA discovered
that another client had issued a check to Okolo in October 2021 for $100,000 for a “real estate
investment.” Okolo is alleged to have cashed the check and spent the funds on personal and
business expenses that had nothing to do with real estate. When interviewed, the client reported
that he had asked Okolo, the client’s long-time insurance agent and financial advisor, about
potential investment opportunities. Okolo suggested a commercial real estate partnership in
which the client would put up the money and Okolo would provide his alleged real estate
expertise. In late 2023, the client became suspicious about what Okolo had done with his money
when Okolo could not come up with $32,000 needed for closing costs on a real estate deal.
When the client asked Okolo where his money was, Okolo told him the money was in an escrow
account. But Okolo refused to provide a copy of a bank statement to prove that the client’s
money was in an escrow or bank account, despite the client’s numerous requests to do so.
Okolo’s first two cases are scheduled for trial on June 12, 2025, in the Circuit Court for
Baltimore County. An initial appearance has been scheduled for April 14, 2025, in the third
case.
“Financial fraud of this magnitude is a betrayal of trust and a direct threat to the financial
security of Marylanders,” said Attorney General Brown. “Those who exploit their clients for
personal gain will be held fully accountable. Our Office remains steadfast in pursuing justice for
victims and ensuring that financial professionals who engage in fraud face serious
consequences.”
“The primary role of the Maryland Insurance Administration is to protect consumers,” said
Acting Maryland Insurance Commissioner Marie Grant. “We will continue to work closely
with the Office of the Attorney General on cases like this one to ensure that fraud is prosecuted
and violators are held accountable.”
In making today’s announcement, Attorney General Brown thanked his Criminal Division,
specifically Division Chief Katie Dorian, Fraud and Corruption Unit Chief Alex
Huggins, Assistant Attorney General Michelle Martin, and Assistant Attorney General William
Elman who is prosecuting these cases. Attorney General Brown also thanked the Maryland
Insurance Administration for their assistance with this investigation. Finally, Attorney General
Brown thanked State’s Attorney for Baltimore County Scott Shellenberger for his assistance with
this investigation and prosecution.
A criminal indictment is merely an accusation of wrongdoing, and a defendant is presumed
innocent until the State proves the defendant guilty beyond a reasonable doubt.
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