Corporate & Securities Law

Three former insurance agents have been accused of defrauding more than 250 investors out of approximately $29 million.  James Masat, Stella Levea and Kenneth Mottin were the principals of First Americans Insurance Service, a now defunct insurance company that declared bankruptcy in 2009.  First Americans was allegedly a Ponzi scheme operated by Masat, Levea, and Mottin.

The trio allegedly operated the scheme by soliciting investors to invest in their company on the promise that their money was safe and backed by secure annuities.  Contrary to those representations, the investors? money was not safe as it was used to prop up the business interests of First Americans.  Some of the funds were misappropriated by the principals to support their extravagant lifestyles.

In classic Ponzi scheme fashion, interest payments to the earlier investors were made with money invested by later investors, in an effort to create the illusion of a successful investment.  Like all Ponzi schemes, it collapsed upon itself with First Americans filing for Chapter 11 bankruptcy protection in early 2009, claiming between $100 million and $500 million in liabilities.

Eccleston Law represents individual and institutional investors to recover their investment losses caused by securities and investment fraud. Our attorneys also help victims of Ponzi schemes pursue recovery by submitting claims with receiverships established by the SEC or by assisting victims with the filing of a Theft Loss Tax Deduction with the IRS.

If you have lost money investing with James Masat, Stella Levea or Kenneth Mottin, or if you invested in First Americans, you may be eligible for an immediate theft loss tax deduction of up to 95% of your losses.  Please contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000 for more details.