Insurance Agents Admit To $29M Annuities Fraud

Law360, New York (July 6, 2012, 1:49 PM EDT) -- Two principals of bankrupt First Americans Insurance Services Inc. pled guilty Thursday to duping investors with a $29 million Ponzi-like annuities investment scheme run through their Nebraska insurance business.

Stella M. Levea, 55, and James P. Masat, 67, pled guilty to one count of mail fraud each and could face up to 20 years in prison, a $250,000 fine each and an order to pay restitution of between $2.5 million and $20 million, according to their pleas. Sentencing is scheduled for Sept. 6.

Masat's attorney Victoria...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Related  Cases: 


Case Number

4:10-cr-03129

Court

Nebraska

Nature of Suit

Date Filed

December 14, 2010

Law Firms

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.