Two former Nebraska brokers who have been accused in lawsuits of improperly selling risky investments in several interrelated Florida companies are now facing criminal charges of securities fraud.
Roughly two years after the first lawsuits were filed, the Nebraska attorney generalís office filed charges Monday against Rebecca Engle and former Nebraska football player Brian Schuster, who also played high school football at Fullerton. They each face eight felony counts of securities fraud, and arrest warrants have been issued for Engle and Schuster.
At least three lawsuits have been filed in state and federal courts against Engle, her former employers, Schuster and other brokers who worked with Engle. Several investors are also seeking damages in arbitration through the Financial Industry Regulatory Authority, because they are barred from suing.
The criminal complaints echo the allegations made in the lawsuits. The court documents say roughly 150 investors were defrauded out of more than $20 million