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Nebraskans Scream Scam: Millions at Stake
Omaha, Ne.-An Action 3 News investigation has uncovered an Omaha man who claims he's been suckered out of two million dollars.
And several top state officials believe he's far from alone.
A little known insurance agency out of Grand Island, First Americans Insurance Service, is accused of running an elaborate pyramid scheme, that may have cost dozens and dozens of people their life savings.
What may be the single largest banking and insurance scam in Nebraska history.
Sheila Cahill is the lead attorney for the State Banking Department, "According to the bankruptcy filings they (First Americans Insurance Service) have liabilites ranging anywhere from 100 million to 500 million dollars."
First American is run by Stella Levea, James Masat, and Kenneth Mottin.
The three are accused of a scheme that took money from investors all over Nebraska.
Joe Kosiski who runs an auto parts store in Omaha tells Action 3 News, his family was getting 16 per cent on their investment, and for a few years the investment was paying off. But just recently the checks stopped coming in, and Kosiski believes their investment, two million dollars, is probably gone.
Roy Curry, a Montana man with ties to Western Nebraska, tells us he's out nearly 3 million dollars. "It's really got me worried. I would have to sell my ranch in Nebraska. It'll turn me flip flops I'll tell you."
Banking Department Attorney Sheila Cahill says its, "not very likely" any of the investors will get their money back.
So far no criminal charges have been filed, but are still possible.
Investigators and those who claim they've been swindled say they were told their money would be invested in Indian casinos.
We have been unable to contact anyone with First Americans.
Reported by Joe Jordan joe@action3news.com
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