Parkville, Maryland, December 9, 2025
Michael C. Okolo, a financial advisor from Parkville, Maryland, has been convicted on multiple counts of insurance fraud and obstruction of justice. The jury found him guilty of misappropriating funds from a client meant for life insurance premiums and for creating a fabricated letter to obstruct the investigation against him. Sentencing is set for January 2026, as the case highlights the critical need for trust in the financial advisory industry.
PARKVILLE, MD—Former Financial Advisor Convicted of Fraud and Obstruction of Justice
Michael C. Okolo, 68, of Parkville, Maryland, was found guilty by a Baltimore County jury on two counts of insurance fraud and one count of obstruction of justice. The conviction stems from his misappropriation of a client’s funds intended for life insurance and annuity policy premiums. Okolo illegally deposited two incomplete checks totaling $36,500 into his business account and used the funds for personal and business expenses. Additionally, in May 2025, he fabricated a letter purportedly from the client to obstruct justice, which he intended to present as evidence at his trial. Sentencing is scheduled for January 7, 2026, in Baltimore County Circuit Court.
Details of the Conviction
The jury’s verdict was based on evidence that Okolo misappropriated funds entrusted to him by a client. After receiving two incomplete checks totaling $36,500, Okolo made them payable to his own business, deposited them into his business account, and used the money for personal and business expenses instead of the intended insurance products. In May 2025, after being charged with insurance fraud, Okolo disclosed a letter he claimed was written and signed by the client, intending to use it as evidence at his upcoming trial. However, the letter was fabricated by Okolo, who wrote it himself and copied and pasted the client’s genuine signature from another document.
Statements from Authorities
Maryland Attorney General Anthony G. Brown emphasized the importance of trust in financial advisors, stating that Marylanders deserve financial advisors they can trust with their life savings. He added that the conviction sends a clear message that those who betray that trust and steal from their clients will be held accountable. Maryland Insurance Commissioner Marie Grant also commented, stating that the conviction sends a strong message that insurance fraud will not be tolerated in Maryland. She highlighted the Maryland Insurance Administration’s commitment to protecting the public and holding individuals accountable for defrauding residents.
Background Information
Okolo is scheduled for sentencing on January 7, 2026, in Baltimore County Circuit Court before the Honorable Michael S. Barranco. He has also been charged in two other cases scheduled for trial in 2026. In one case, Okolo is charged with theft of $100,000 or more after allegedly spending client funds intended for a real estate investment on unrelated personal and business expenses. In the other case, he is charged with numerous counts of acting as an insurance agent without a license after allegedly soliciting and selling insurance products after the Maryland Insurance Administration revoked his license. Charges are merely accusations of wrongdoing, and a defendant is presumed innocent until the state proves the defendant guilty beyond a reasonable doubt.
Related Cases of Financial Fraud
Financial fraud cases involving advisors misappropriating client funds have occurred in various jurisdictions. For instance, in 2018, a former financial advisor in Illinois was sentenced to two years in prison for defrauding a client out of $100,000 by falsely representing a private investment scheme. Similarly, in 2022, a man from Parkville, Missouri, was sentenced for his role in a $335 million scheme to defraud federal programs that award contracts to minority and veteran-owned firms. These cases highlight the importance of vigilance and accountability in the financial advisory industry.
FAQ
What were the charges against Michael C. Okolo?
Michael C. Okolo, 68, of Parkville, Maryland, was found guilty by a Baltimore County jury on two counts of insurance fraud and one count of obstruction of justice. The conviction stems from his misappropriation of a client’s funds intended for life insurance and annuity policy premiums. Okolo illegally deposited two incomplete checks totaling $36,500 into his business account and used the funds for personal and business expenses. Additionally, in May 2025, he fabricated a letter purportedly from the client to obstruct justice, which he intended to present as evidence at his trial. Sentencing is scheduled for January 7, 2026, in Baltimore County Circuit Court.
What is the background of the case?
Okolo is scheduled for sentencing on January 7, 2026, in Baltimore County Circuit Court before the Honorable Michael S. Barranco. He has also been charged in two other cases scheduled for trial in 2026. In one case, Okolo is charged with theft of $100,000 or more after allegedly spending client funds intended for a real estate investment on unrelated personal and business expenses. In the other case, he is charged with numerous counts of acting as an insurance agent without a license after allegedly soliciting and selling insurance products after the Maryland Insurance Administration revoked his license. Charges are merely accusations of wrongdoing, and a defendant is presumed innocent until the state proves the defendant guilty beyond a reasonable doubt.
What have authorities said about the conviction?
Maryland Attorney General Anthony G. Brown emphasized the importance of trust in financial advisors, stating that Marylanders deserve financial advisors they can trust with their life savings. He added that the conviction sends a clear message that those who betray that trust and steal from their clients will be held accountable. Maryland Insurance Commissioner Marie Grant also commented, stating that the conviction sends a strong message that insurance fraud will not be tolerated in Maryland. She highlighted the Maryland Insurance Administration’s commitment to protecting the public and holding individuals accountable for defrauding residents.
Are there similar cases of financial fraud?
Financial fraud cases involving advisors misappropriating client funds have occurred in various jurisdictions. For instance, in 2018, a former financial advisor in Illinois was sentenced to two years in prison for defrauding a client out of $100,000 by falsely representing a private investment scheme. Similarly, in 2022, a man from Parkville, Missouri, was sentenced for his role in a $335 million scheme to defraud federal programs that award contracts to minority and veteran-owned firms. These cases highlight the importance of vigilance and accountability in the financial advisory industry.
Key Features of the Case
| Feature | Details |
|---|---|
| Defendant | Michael C. Okolo, 68, of Parkville, Maryland |
| Charges | Two counts of insurance fraud and one count of obstruction of justice |
| Conviction Details | Misappropriated $36,500 from a client; fabricated a letter to obstruct justice |
| Sentencing Date | January 7, 2026, in Baltimore County Circuit Court |
| Related Charges | Theft of $100,000 or more; acting as an unlicensed insurance agent |
| Authorities’ Statements | Emphasis on holding financial advisors accountable for betraying client trust |
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