BALTIMORE – Attorney General Anthony G. Brown announced yesterday that Michael C. Okolo, 68, of Parkville, Maryland, has been indicted on a third count of theft of property valued at $100,000 or more. This indictment marks the third time since September 2024 that Okolo, a former insurance agent and purported financial advisor, has been charged for financial crimes related to his business.
In September 2024, Okolo was indicted on charges of theft and insurance fraud. In the first case, a client had issued two partially blank checks for insurance premiums, which Okolo allegedly made payable to his business, depositing the funds into his own account and using the money for personal and business expenses rather than for the intended insurance policies.
The second indictment stems from Okolo continuing to operate as an unlicensed insurance agent after his Maryland Insurance Administration (MIA) license was revoked in 2019.
While investigating Okolo for these charges, MIA investigators discovered that in October 2021, a client issued him a check for $100,000 for a “real estate investment.” Instead of using the money for the real estate venture, Okolo allegedly cashed the check and used the funds for his personal and business expenses. When the client inquired about the money’s whereabouts, Okolo falsely claimed it was in an escrow account but failed to provide any proof, further raising suspicion.
As a result of these actions, Okolo has been indicted again, facing new charges of theft. His initial appearance in this third case is scheduled for April 14, 2025. Okolo’s first two cases are set for trial on June 12, 2025, in the Circuit Court for Baltimore County.
“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.”
Acting Maryland Insurance Commissioner Marie Grant emphasized the MIA’s role in protecting consumers, stating, “We will continue to work closely with the Office of the Attorney General to ensure that fraud is prosecuted and violators are held accountable.”
Okolo’s alleged criminal activities have led to significant public outcry, and authorities are committed to seeking justice for victims who trusted him with their financial matters.
Attorney General Brown thanked his Criminal Division, including Division Chief Katie Dorian and others, for their work on these cases, as well as the Maryland Insurance Administration and the State’s Attorney for Baltimore County, Scott Shellenberger, for their cooperation.
A criminal indictment is not a conviction; the defendant is presumed innocent until proven guilty beyond a reasonable doubt.
