October 10, 2025 | JacobiJournal.com — Investment fraud charges have been filed against a western Pennsylvania insurance agent, Chad Skena, who allegedly defrauded a longtime client out of $75,000 by promising an investment in his own insurance agency that never materialized. Authorities stated that the funds were misappropriated for personal use, furthercompounding earlier allegations tied to premium theft.
According to prosecutors, Skena persuaded the client that the investment would yield steady returns and expand the business’s operations. However, investigators later found no such business accounts or transactions related to the purported investment.
Prior Allegations of Premium Theft Resurface
Court documents indicate that Skena previously faced charges for diverting insurance premium payments intended for legitimate policy coverage. Victims in those earlier cases reported lapses in their insurance protection after discovering their payments were never forwarded to carriers.
These renewed allegations suggest a pattern of financial deception, combining both investment fraud and insurance-related misappropriation — a serious concern for regulators monitoring agent conduct in Pennsylvania.
Regulators and Prosecutors Tighten Oversight
The Pennsylvania Department of Insurance and the Office of Attorney General have both intensified efforts to identify fraudulent financial practices within licensed agencies. Officials emphasized that the state’s licensing system includes disciplinary measures, from license revocation to criminal prosecution, depending on the severity of the fraud.
To learn more about Pennsylvania’s agent fraud prevention programs, visit the Pennsylvania Insurance Department.
How Victims Can Respond to Agent Misconduct
Victims of suspected agent fraud are encouraged to report violations directly to the state insurance fraud bureau. Key actions include:
- Filing a complaint through the Pennsylvania Department of Insurance.
- Maintaining copies of contracts, payment records, and correspondence.
- Seeking legal counsel for restitution or civil recovery options.
These steps can help recover losses and support the state’s broader fraud prevention efforts.
FAQs: Pennsylvania Insurance Agent Investment Fraud
Who is the insurance agent accused of investment fraud?
Chad Skena, a western Pennsylvania agent, is charged with defrauding a client of $75,000 under a false investment scheme.
What previous charges does he face?
Skena was previously charged with theft of insurance premium payments that left some clients without valid coverage.
How does Pennsylvania regulate insurance agents?
The Pennsylvania Insurance Department oversees licensing and disciplinary actions, including fraud investigations and revocations.
What should consumers do if they suspect agent fraud?
Report suspected misconduct directly to the Insurance Department and maintain documentation for potential recovery or prosecution support.
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