Bankrupt Neb. Insurer Probed For Securities Fraud

Law360, New York (January 22, 2009, 12:00 AM EST) -- Nebraska Attorney General Jon Bruning has ordered a criminal investigation into an insurance company that filed for bankruptcy this month with $100 million in liabilities, citing “characteristics” of a Ponzi scheme in the company's securities sales.

Bruning authorized the Nebraska State Patrol to probe First Americans Insurance Service Inc. and its three principals on Tuesday, more than a week after the insurer filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Nebraska.

First Americans listed between $100 and $500 million in liabilities....
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