Skip to main content

Rochester man gets 5 years in prison for $11M investment scam

  • Author:
  • Updated:
    Original:

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.

Next Up

Mugshots

11 'urban explorers' face charges after being found in Fridley sewer system

A 911 caller reported seeing a group removing a manhole cover Monday night.

image

Man killed by St. Paul police ID'd by family, community demands answers

The man was identified as 24-year-old Howard Johnson.

Screen Shot 2022-12-07 at 7.38.02 AM

Quick shot of snow to impact morning commute in Twin Cities

Snow is moving into the metro Wednesday morning.

ambulance

Body found in burned out car near Bird Island identified as local farmer

The deceased is a 59-year-old man from rural Bird Island.

Screen Shot 2022-12-06 at 2.47.44 PM

Minneapolis' Khâluna named in Eater's 2022 'Best New Restaurants'

The restaurant, opened in 2021, is known for its Laotian cuisine.

ambulance, crash

3 pedestrians struck by drivers Monday in Minnesota; 2 dead

The victims involved a 39-year-old man and two 74-year-old men.

snow, plow

Shifting storm tracks: Significant storms Friday, next week?

Sven Sundgaard has the details on an interesting forecast.

Life Link

Worker suffers serious injury in rooftop fall in rural Minnesota

The man only fell a few feet, but suffered a serious leg injury.

Walz, Flanagan

Minnesota reports massive projected budget surplus of $17.6 billion

The huge surplus comes as the DFL prepares to assume a trifecta of the Legislature and the Governor's House.

Related