MARYLAND (WBFF) — A former Pikesville insurance agent and financial advisor is facing a third indictment for theft of property valued at $100,000 or more.
Michael Okolo, 68, of Parkville, has been indicted now three times since Sept. 2024 in connection with his former business as an insurance agent and purported financial advisor, Maryland Attorney General Anthony Brown announced Wednesday.
In Sept. 2024, Okolo was charged for theft and insurance fraud.
In this case, a client gave Okolo two partially blank checks to pay for premiums on the client’s two insurance policies.
Authorities say that Okolo allegedly made the checks payable to his business, deposited the checks in his business account, and spent the money on his own personal and business expenses.
In the second case, Okolo was charged with acting as an insurance agent without a license for allegedly continuing to solicit and sell insurance products after the Maryland Insurance Administration (MIA) revoked his license in 2019.
While authorities were investigating Okolo for theft and insurance fraud, the MIA’s investigators discovered that another client had issued a check to Okolo in Oct. 2021 for $100,000 for a “real estate investment.”
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Officials say that Okolo allegedly cashed the check and spent the funds on personal and business expenses.
When interviewed, the client said that his longtime insurance agent and financial advisor, Okolo, suggested potential investment opportunities including a commercial real estate partnership.
Okolo allegedly told the client to put up the money, and Okolo would provide his alleged real estate expertise.
However, authorities say in late 2023, the client became suspicious about what Okolo had done with his money when he could not come up with $32,000 needed for closing costs on a real estate deal.
When the client asked Okolo where his money was, Okolo said it was in an escrow account, but refused to provide a copy of a bank statement to prove that the client’s money was there.
Authorities say that Okolo’s first two cases are scheduled for trial on June 12 in the Circuit Court of Baltimore County. An initial appearance in the third case is scheduled for April 14.
“Financial fraud of this magnitude is a betrayal of trust and a direct threat to the financial security of Marylanders,” said AG Brown, via a press release. “Those who exploit their clients for personal gain will be held fully accountable. Our Office remains steadfast in pursuing justice for victims and ensuring that financial professionals who engage in fraud face serious consequences.”
“The primary role of the Maryland Insurance Administration is to protect consumers,” said Acting Maryland Insurance Commissioner Marie Grant, via a press release. “We will continue to work closely with the Office of the Attorney General on cases like this one to ensure that fraud is prosecuted, and violators are held accountable.”
