Jason Meyer will serve five years behind bars for swindling more than $11 million from investors, the Rochester Post Bulletin reports. He pleaded guilty to wire fraud and money laundering in federal court last year.
Twin Cities Business says Meyer, 35, was also ordered to pay $6.4 million in restitution.
Prosecutors say Meyer, who started a firm called 3 Hooligans Investment Properties in 2007, promised clients "significant and rapid returns for their investments with little or no risk," according to the Business Journal.
"Instead of investing their money, however, Meyer often used the funds to pay for his personal expenses, including payments on his house in Rochester, family vacations, and car payments on his wife’s BMW," the U.S. Attorney’s Office said. "To continue the scheme, Meyer found new clients and used their money to pay previous clients."
The fraudulent scheme was discovered in 2010.