Baltimore, MD – Third Time’s No Charm: A Baltimore County grand jury has indicted Michael C. Okolo, of Parkville, Maryland, for theft of property valued at $100,000 or more. This marks the third indictment since September 2024 for Okolo, a former insurance agent and financial advisor. Maryland Attorney General Anthony G. Brown made the announcement following yesterday’s indictment.
Previous Indictments: Theft and Insurance Fraud
In September 2024, prosecutors charged Okolo with theft and insurance fraud in two cases:
Case 1: Misuse of Client Checks
A client gave Okolo two partially blank checks to pay for insurance premiums. Instead of applying the checks to the policies, Okolo deposited them into his business account and used the money for personal and business expenses.
Case 2: Acting Without a License
Prosecutors charged Okolo with acting as an insurance agent without a license. They alleged that he continued to solicit and sell insurance products after the Maryland Insurance Administration (MIA) revoked his license in 2019.
New Case: Fraudulent Real Estate Investment
While investigating the previous cases, MIA investigators discovered another incident. In October 2021, Okolo allegedly convinced another client to invest $100,000 in a “real estate partnership.” The client, trusting Okolo’s expertise, provided the funds. However, Okolo spent the money on unrelated personal and business expenses. Third Time’s No Charm
Client’s Growing Suspicion
The client grew suspicious after Okolo failed to produce $32,000 for closing costs on a real estate deal. When questioned, Okolo claimed the funds were in an escrow account. Yet, he refused to provide proof despite multiple requests.
Upcoming Court Dates
Okolo’s first two cases are set for trial on June 12, 2025, in the Circuit Court for Baltimore County. He will make his initial appearance in the third case on April 14, 2025.
Legal Disclaimer
A criminal indictment is merely an accusation. Okolo remains presumed innocent until the state proves his guilt beyond a reasonable doubt.
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