Maryland Insurance Agent Convicted of Fraud and Obstruction of Justice

A Baltimore County jury convicted Michael C. Okolo of insurance fraud and obstruction of justice for misappropriating client funds intended for life insurance and annuity premiums. Okolo altered client checks totaling $36,500, deposited them into his business account, and used the funds for personal and business expenses. He was also found guilty of fabricating a letter to obstruct justice during his trial in May 2025. Okolo faces sentencing in January 2026 and additional charges in two separate cases, including theft of over $100,000 related to client funds for a real estate investment, and multiple counts of acting as an unlicensed insurance agent after his license was revoked by the Maryland Insurance Administration. These proceedings highlight regulatory and compliance enforcement in insurance practices. The case underscores the importance of oversight in the management of client funds, licensing compliance, and legal accountability within the insurance industry. It serves as a reminder for insurance professionals to maintain rigorous ethical standards and adhere to regulatory requirements to prevent fraud and protect consumer assets.