Former Insurance Execs Accused Of $29M Fraud

By Jocelyn Allison (December 15, 2010, 7:05 PM EST) -- Three principals of bankrupt First Americans Insurance Services Inc. have been indicted on 25 counts of conspiracy, mail fraud and insurance fraud for allegedly duping more than 250 investors out of $29 million.

The U.S. Attorney's Office for the District of Nebraska announced the indictment Wednesday against Stella M. Levea, James P. Masat and Kenneth W. Mottin for running a Ponzi-like scheme through the Nebraska-based insurance business.

According to the indictment, the trio of now-former insurance agents would solicit money from private investors in exchange for providing the investors with promissory notes they claimed were backed by secure annuities.

But instead...

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