Former Nebraska Broker Pleads No Contest to Charges of Stock Fraud

Nebraska City, NEOne of the two Nebraska City brokers charged with four counts of stock fraud recently pleaded no contest, The Associated Press reports.

According to the news source, the trial for Brian Schuster, a former University of Nebraska football player, began recently in Beatrice after being moved from Otoe County to ensure a fair trial.

Schuster and Rebecca Engle are reportedly accused of selling risky investments in Florida companies to investors, without fully explaining such risks. Engle reportedly pleaded guilty to two charges of fraud and agreed to assist prosecutors in the case against Schuster.

The investors who the pair allegedly bilked for more than $20 million were mostly people who were already retired or nearing retirement age, according to the news source.

"More than 100 Nebraskans trusted Mr. Schuster and Ms. Engle to invest money they had worked a lifetime to save," Nebraska Attorney General Jon Bruning said in a statement. "They both deserve to pay for their crime of swindling money from Nebraska seniors."

The Beatrice Daily Sun reports that the charges stem from alleged acts that were committed in 2005 and 2006.