a former Nebraska football player, pleaded no contest to securities fraud charges on May 17th as part of a plea agreement. Schuster initially faced eight felony counts
of intentional securities fraud in Nebraska. Prosecutors amended the plea
agreement so that the charges were based on inadvertent
omissions instead of intentional acts.
Schuster, along with Rebecca Engle, allegedly sold high-risk investments
in several Florida companies to seniors who were looking for conservative
investments. They are said to have failed to fully explain the risks to
investors and ended up taking $20 million from more than 100 people. Engle
pleaded guilty to two charges of fraud.
Nebraska Attorney General Jon Bruning stated that, "more than 100
Nebraskans trusted Mr. Schuster and Ms. Engle to invest money they had
worked a lifetime to save. They both deserve to pay for their crime of
swindling money from Nebraska seniors."
The trial was moved to Beatrice from Otoe County due to the large number
of victims involved, creating
conflicts of interest.
investment fraud lawyers with David P. Meyer & Associates have represented victims of securities
fraud nationwide. We are committed to helping victims of
Ponzi schemes, and other types of investment fraud recover their losses.