BALTIMORE, MD—A Baltimore County jury has found a Parkville financial advisor guilty of 10 felony counts of insurance fraud for acting as an agent without a license, Maryland Attorney General Anthony Brown announced Monday.
The verdict against Michael C. Okolo, 68, follows a trial that detailed how he sold annuity policies on 10 separate occasions between 2021 and 2024. According to prosecutors, Okolo pocketed more than $88,000 in commissions from these sales despite having his license revoked by the Maryland Insurance Administration in 2019 for misappropriating premium payments.
Evidence presented at trial showed that after losing his license, Okolo established a new business called Wise Money Group. He then recruited a licensed agent to sign off on annuity applications for policies that Okolo himself had sold to clients…