MINNEAPOLIS - A Rochester man will serve five years in federal prison in connection with an investment swindle that conned victims out of millions.
Jason Michael Meyer, age 35, was sentenced Monday in U.S. Federal Court in Minneapolis to 60 months after he pled guilty to one count of wire fraud and one count of money laundering.
In his plea agreement Meyer admitted that he started an investment company, 3 Hooligans Investment Properties, in 2007. Meyer told potential clients he was an experienced investor and began soliciting people to invest their money with 3 Hooligans.
Meyer admitted to authorities that he promised his clients both significant and rapid returns for their investments, with little or no risk. Investigators say he deposited their money into a Wells Fargo bank account, but instead of investing their money Meyer used the funds to pay for his personal expenses. Those included payments on his Rochester home, family vacations and car payments on his wife's BMW.
To continue the scheme Meyer found new clients and used their money to pay previous clients so they wouldn't become suspicious.
Until the fraud was discovered in 2010, prosecutors say Meyer participated in approximately 30 transactions of money laundering and 30 transactions of wire fraud, which resulted
in losses exceeding $11 million.
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