Baltimore Insurance Agent Faces Multiple Criminal Charges Including Evidence Fabrication

Michael C. Okolo, a former Baltimore County insurance agent and financial advisor, faces new criminal charges of obstruction of justice and fabricating evidence, adding to three previous indictments since September 2024. The latest allegations claim Okolo forged a letter of instruction from a client dated February 20, 2016, which was used to justify depositing two checks totaling $36,500 into his business account. Prosecutors assert the client neither authorized nor signed this letter, and Okolo manipulated the signature from a legitimate client letter dated over a year later. Additional scrutiny arose due to Okolo previously denying the existence of any such written authorization in a letter to the Maryland Insurance Administration.

These charges complement a September 2024 indictment accusing Okolo of felony theft and insurance fraud, wherein he allegedly converted client checks meant for insurance and annuity products to his own business use. Okolo also faces separate pending prosecutions for operating without an insurance license after revocation and for theft exceeding $100,000 tied to misappropriated real estate investment funds. The Attorney General's Criminal Division Fraud and Corruption Unit is handling all four cases.

Scheduled trial dates for Okolo's prior allegations fall between September and December 2024, while a date for the new obstruction charge remains pending. This case underscores ongoing enforcement efforts against insurance practice violations and financial misconduct within Maryland's insurance advisory sector. Compliance oversight and regulatory enforcement remain critical for protecting client assets and maintaining professional ethics in insurance operations.