shalesh kumar BALTIMORE, Md. — A former Maryland insurance agent has been sentenced to jail for a second time after a Baltimore County court found that he continued selling insurance products despite having his license revoked, according to the Maryland Office of the Attorney General.
Michael C. Okolo, 68, received an additional six-month jail sentence, a $2,000 fine, and three years of supervised probation after being convicted on 10 counts of insurance fraud. Prosecutors said he illegally sold annuity policies between 2021 and 2024 while no longer licensed to act as an insurance agent.
What Authorities Said Happened
State investigators said the Maryland Insurance Administration revoked Okolo’s insurance license in 2019 after finding that he had misappropriated client premium payments.
Despite losing his license, prosecutors said he continued to market and sell annuity products by working through another licensed insurance agent. Authorities said he earned more than $88,000 in commissions from 11 annuity policies sold without legal authorization.
This Was His Second Fraud Conviction
The latest sentence follows an earlier criminal case that resulted in another conviction for insurance fraud.
In that case, a Baltimore County jury found that Okolo diverted $36,500 intended for life insurance and annuity premiums into his own business account instead of forwarding the money to insurers. Prosecutors also said he later submitted a fabricated letter with a forged client signature during court proceedings, leading to an obstruction of justice conviction.
He was sentenced to six months in jail in January 2026 in connection with that case.
Maryland Officials Warn Against Insurance Fraud
Maryland Attorney General Anthony G. Brown said insurance fraud undermines consumer trust and that individuals who violate state insurance laws will continue to face criminal prosecution.
Maryland Insurance Commissioner Marie Grant also said the case highlights the importance of protecting consumers from individuals who attempt to sell insurance products without proper authorization.
Why This Case Matters to Consumers
Buying insurance from an unlicensed agent can expose consumers to significant financial risks. Policies may be improperly issued, premium payments can be mishandled, and customers may have fewer legal protections if problems arise.
Before purchasing any insurance policy, consumers should verify that the agent holds an active state license and confirm that the insurer is authorized to operate in their state.
How to Verify an Insurance Agent
Most state insurance departments provide free online license lookup tools that allow consumers to confirm whether an insurance agent is currently licensed and in good standing.
Consumers who suspect insurance fraud or unauthorized sales activity can also file a complaint with their state insurance regulator for investigation.
The Bottom Line
The latest sentence against former Maryland insurance agent Michael C. Okolo serves as another reminder that selling insurance without a valid license can lead to serious criminal penalties. State officials say consumers can better protect themselves by verifying an agent’s license before purchasing insurance and reporting suspicious activity to insurance regulators.
FAQs
Why was Michael C. Okolo sentenced to jail?
He was convicted of multiple counts of insurance fraud after authorities said he continued selling annuity policies without a valid Maryland insurance license.
How long is his latest jail sentence?
A Baltimore County judge sentenced him to six months in jail, along with a $2,000 fine and three years of supervised probation.
Why was his insurance license revoked?
The Maryland Insurance Administration revoked his license in 2019 after finding that he had misappropriated client premium payments.
How much money did investigators say he earned?
Prosecutors said he received more than $88,000 in commissions from annuity policies sold after his license had been revoked.
How can consumers verify an insurance agent?
Consumers can verify an agent’s license through their state insurance department’s official license lookup service before purchasing any insurance policy.
