"The trustee for a bankrupt Grand Island insurance agency has warned policyholders of an affiliated insurance company they should seek new coverage.

Thomas Stalnaker is the trustee for the bankrupt First Americans Insurance Service, as well as for two of its principals — James Masat and Stella Levea, who have filed for personal bankruptcy.

Nebraska officials announced in January they were investigating an alleged Ponzi scheme by First Americans, which had listed between $100 million and $500 million in liabilities in its bankruptcy filing.

This week, Stalnaker sent a notice to holders of insurance policies issued through the First Nations Compensation Plan, saying the company appears to “not have sufficient liquidity to continue operations.”

He wrote the company is related to the bankrupt estates of First Americans, Masat and Levea and that the policyholders should seek new coverage.

“You should consider obtaining replacement insurance coverage immediately,” Stalnaker wrote."

Get the Story:
Trustee warns tribes to find new insurance coverage (The Lincoln Journal Star 4/25)

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