Attorney General Brown Announces Guilty Verdict for Baltimore County Financial Advisor who Committed Felony Insurance Fraud

Jury Convicted the Same Defendant of Insurance Fraud and Obstruction of Justice in Separate 2025 Case  

BALTIMORE MD – Attorney General Anthony G. Brown announced today that a Baltimore County jury found Michael C. Okolo, 68, of Parkville, Maryland, guilty of 10 felony counts of insurance fraud by acting as an insurance agent without a license.  

The jury found that Okolo acted as an insurance agent without a license by selling annuity policies on 10 occasions from 2021 to 2024, pocketing more than $88,000 in commissions, all of which were sold after the Maryland Insurance Administration (MIA) revoked Okolo’s license in 2019 for misappropriating premium payments. After Okolo’s license had been revoked, he set up another business, Wise Money Group, and recruited another licensed agent to sign annuity applications for policies that Okolo sold.  

“Michael Okolo lost his license for stealing from a client, and instead of accepting the consequences of his crime, he continued to exploit those who trusted him with their financial futures,” said Attorney General Brown. “This second guilty verdict makes clear that our Office will pursue financial predators through every case, every charge, and every count until they are held fully accountable for defrauding Marylanders of their hard-earned money.” 

Click for full Press Release.