Three people are going to jail and will have to pay back $16.6 million after they were convicted in a fraudulent Nebraska investment scheme. They were sentenced Wednesday in U.S. District Court in Lincoln. Stella Levea and James Masat, both of Grand Island, were given eight years and a month in federal prison. Kenneth Mottin, of St. Libory, was given five years. They must serve three years of supervised release after leaving prison. Levea and Masat were the principals of First Americans Insurance Service, which had been under investigation since a 2009 bankruptcy filing and Mottin worked for them. Nebraska Attorney General Jon Bruning compared First Americans' dealings to a Ponzi scheme, meaning investors are promised high returns and early investors are paid with money from later investors.
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Three people are going to jail and will have to pay back $16.6 million after they were convicted in a fraudulent Nebraska investment scheme. They were sentenced Wednesday in U.S. District Court in Lincoln. Stella Levea and James Masat, both of Grand Island, were given eight years and a month in federal prison. Kenneth Mottin, of St. Libory, was given five years. They must serve three years of supervised release after leaving prison. Levea and Masat were the principals of First Americans Insurance Service, which had been under investigation since a 2009 bankruptcy filing and Mottin worked for them. Nebraska Attorney General Jon Bruning compared First Americans' dealings to a Ponzi scheme, meaning investors are promised high returns and early investors are paid with money from later investors.
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