A former Maryland insurance agent and financial advisor has been sentenced to jail after being convicted of insurance fraud and obstruction of justice stemming from the misuse of client funds and an attempt to fabricate evidence during the investigation.
Michael C. Okolo, 68, of Parkville, Maryland, received a sentence of six months in the Baltimore County Detention Center after a jury found him guilty of two counts of insurance fraud and one count of obstruction of justice. Following his release, he will serve three years of supervised probation. If he violates the terms of his probation, he could face up to 9.5 additional years in prison. Okolo has also paid restitution to the victim.
According to prosecutors, Okolo misappropriated $36,500 that a client had entrusted to him for life insurance and annuity premium payments. Instead of applying the funds toward the client’s policies, he altered two partially completed checks, made them payable to his own business, deposited the money into his business account, and used it for personal and business expenses.
Authorities also determined that after criminal charges were filed, Okolo attempted to interfere with the judicial process by creating a fraudulent letter that he claimed had been written and signed by the victim. Investigators found that the letter had been fabricated and that the client’s signature had been copied from another document, leading to the obstruction of justice conviction.
The Maryland Office of the Attorney General credited its Fraud and Corruption Unit for prosecuting the case and recognized the assistance of the Maryland Insurance Administration and the Baltimore County State’s Attorney’s Office during the investigation.
Okolo continues to face additional legal challenges. Prosecutors have filed separate criminal cases alleging he stole more than $100,000 from another client through a fraudulent real estate investment scheme and sold insurance products after his insurance license had been revoked. Those charges remain pending, and he is presumed innocent unless proven guilty in court.
Information for this article was provided by Maryland Office of the Attorney General. Views and claims expressed in this article are those of the source company and do not necessarily reflect the views of AgencyEquity.com. This article may have been edited with the help of AI.
