Attorney General Anthony G. Brown announced today that Michael C. Okolo, 68, of Parkville, Maryland, has been indicted for the third time since September 2024. The Baltimore County Grand Jury charged Okolo with theft of property valued at over $100,000. Okolo, formerly an insurance agent and self-proclaimed financial advisor, faces multiple allegations of financial misconduct.
In his first indictment, Okolo was accused of misappropriating two checks intended for insurance premiums from a client. Instead of fulfilling the client’s policy payments, he allegedly diverted these funds for personal and business expenses. The Maryland Insurance Administration (MIA) had previously revoked his license in 2019, yet he continued to solicit insurance products, leading to his second indictment for operating without a license.
Further investigation revealed more questionable activities. In October 2021, another client entrusted Okolo with $100,000 for a supposed real estate investment. According to authorities, Okolo cashed the check but used the funds for unrelated personal and business expenses. Suspicions grew when Okolo failed to produce $32,000 needed for real estate closing costs and could not verify the existence of an escrow account for the invested funds.
Okolo’s initial two cases are set for trial on June 12, 2025, while an initial appearance for the third case is scheduled for April 14, 2025, both in the Circuit Court for Baltimore County.
Attorney General Brown emphasized the severity of the charges, stating, “Financial fraud of this magnitude is a betrayal of trust and a direct threat to Marylanders’ financial security.” He assured that his office, along with the MIA, is committed to protecting consumers and prosecuting those who exploit trust for personal gain.
Acting Maryland Insurance Commissioner Marie Grant and Baltimore County State’s Attorney Scott Shellenberger were also acknowledged for their roles in this ongoing investigation and prosecution.
It should be noted that an indictment is merely an accusation, and the defendant is presumed innocent unless proven guilty.
