Brian Schuster, 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.
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