A Maryland repeat offender has been convicted of insurance fraud twice in under a year, a Baltimore case laying bare how revoked agents keep selling while carriers fail to look past the name on an application.
A Baltimore County jury has returned a guilty verdict against a Parkville financial advisor on multiple felony insurance fraud charges, marking his second conviction within a year, according to Maryland Attorney General Anthony Brown.
Michael C. Okolo, 68, was found guilty on 10 felony counts tied to acting as an insurance agent without a valid license.
Prosecutors said Okolo sold annuity policies on 10 separate occasions between 2021 and 2024, even though the Maryland Insurance Administration (MIA) had revoked his license in 2019 after determining he had misappropriated premium payments. Authorities said the unauthorized sales generated more than $88,000 in commissions for him.
Following the revocation, Okolo set up a business under the name Wise Money Group and arranged for a licensed agent to sign annuity applications tied to the policies he was selling, officials said.
Brown said the case reflects the office's stance on repeat offenders in the financial services space. "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," Brown said in a press release.
The attorney general added that the latest verdict signals the office's intent to pursue financial predators through "every case, every charge, and every count" until those responsible are held accountable for defrauding Maryland residents.
Maryland Insurance Commissioner Marie Grant said the outcome reinforces the state's consumer protection efforts. "This conviction sends a clear message that this kind of fraudulent conduct will not be tolerated," Grant said.
The verdict comes on the heels of a separate matter resolved in December 2025, when Okolo was convicted of insurance fraud and obstruction of justice. Prosecutors in that case said he diverted $36,500 from a client, moving the funds into his business account and applying them to personal and business expenses.
Investigators also said Okolo tried to obstruct the probe by fabricating a letter purporting to be from the client and forging the client's signature using an image lifted from a separate document.
He received a sentence of six months of active incarceration in January 2026 in connection with those earlier charges.
Sentencing in the current case is scheduled for July 29 at Baltimore County Circuit Court.
The Federal Trade Commission previously reported fraud against Americans 60 and older cost up to $81.5 billion in 2024, with losses up 300% to $2.4 billion since 2020. Rogue operators often "assume fake titles" like financial consultant, Annuity.org notes — close to the Wise Money Group profile.
A questions remains: how did Okolo keep selling for five years after losing his license? The National Insurance Producer Registry holds the database carriers consult on producer status. Compliance platform Agenzee calls it "not a complete compliance solution" when a licensed agent fronts for an unlicensed seller.
A federal jury in March 2025 convicted Maureen Wilson of Owings Mills in a previously reported $20 million life insurance fraud case spanning 40-plus policies.
