Former Pa. Agent Found Guilty of Fraud

Pennsylvania Insurance Commissioner Joel Ario said a former Allegheny County insurance agent who forged client signatures and cashed annuities without approval is one of the individuals and entities who were found guilty of violating insurance laws during the third quarter.

Ario said Thomas C. Helbig, a former insurance producer from Carnegie, Allegheny County, who was found guilty of defrauding clients, has had his license revoked for 25 years. Helbig must also pay $120,000 in fines and restitution.

Helbig was found guilty on 12 counts of violating certain aspects of insurance law and other statutory provisions, including:

Misrepresenting the terms of an actual or proposed insurance contract or application;
Misappropriating money received in the course of business;
Forging another’s persons name on an application for insurance or financial service;
Breaching fiduciary duty;
Failing to disclose statutorily required information to a policyholder and charging additional, inappropriate fees;
Using fraudulent, coercive and dishonest practices; and
Lacking general fitness, competence or reliability

Helbig’s insurance licenses are revoked for a period of not less than 25 years. He must pay a civil penalty of $82,500 and he must make restitution to a victimized client for $47,000.

The Pennsylvania Securities Commission also revoked Helbig’s registration as a securities agent, permanently barred him from engaging in securities transactions and related activities, and imposed a penalty totaling $81,000.