FBI Involved in Probe of Nebraska’s Grand Island Insurance Agency

The FBI is involved in the investigation of a Grand Island insurance agency suspected in a Ponzi scheme.

An FBI investigator, accompanied by a Nebraska state trooper, visited First Americans Insurance Service on Friday.

Last month, the Nebraska attorney general authorized a state patrol investigation into First Americans and its three principals. The patrol is working with the departments of insurance and banking to piece together how more than $100 million disappeared.

A state patrol spokeswoman says the FBI is also involved.

First Americans filed for Chapter 11 bankruptcy protection on Jan. 12, claiming between $100 million and $500 million in liabilities.

The three principals have agreed to have their insurance licenses revoked.

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On the Net:

First Americans Insurance Service, http://www.fais.com