Nebraska Authorities Investigating Alleged Ponzi Scheme

The Nebraska Attorney General's office announced yesterday that they were investigating First Americans Insurance Service, a Native American insurance company based in Grand Island, Nebraska on suspicion that it has been operating as a Ponzi-type investment fraud scheme. First Americans filed for bankruptcy on January 12, listing up to $500 million in liabilities. The investigation centers on how more than $100 million disappeared. The company's three principals are James Masat, Stella Levea and Kenneth Mottin.

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