OMAHA, Neb. (AP) - Three former Grand Island insurance agents accused of running an investment scheme have been indicted on federal charges.

The U.S. Attorney's Office in Omaha announced Wednesday that Stella Levea, James Masat and Kenneth Mottin each face 25 counts, including conspiracy, mail fraud and insurance fraud. They face up to 10 years in prison on each count if convicted.

Levea, Masat and Mottin were principals in First Americans Insurance Service, which filed for bankruptcy protection in January 2009, claiming between $100 million and $500 million in liabilities.

State and federal authorities have been investigating First Americans and its three principals on allegations of an investment scam. As part of the investigation, Levea, Masat and Mottin, along with First Americans, lost their state insurance licenses.