MINNEAPOLIS—Today in federal court, a
35-year-old Rochester man pleaded guilty to wire fraud and money laundering.
Jason Michael Meyer, who was charged via an information on August 21, 2012, made
his initial appearance in federal court today and pleaded guilty to one count
of wire fraud and one count of money laundering. He entered his plea before
United States District Court Judge Ann D. Montgomery.
In his plea agreement, Meyer admitted
that he started an investment company, 3 Hooligans Investment Properties, LLC
(3 Hooligans), in 2007. Meyer then represented that he was an experienced
investor and began soliciting people to invest their money with 3 Hooligans. He
promised his clients both significant and rapid returns for their investments,
with no risk, and deposited their money into a bank account he opened at Wells
Fargo. However, instead of investing their money, 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. To continue the scheme,
Meyer found new clients and used their money to pay previous clients.
Until the fraudulent scheme was
discovered in 2010, Meyer participated in approximately 30 transactions each of
money laundering and wire fraud that the government believes resulted in losses
exceeding $7 million.
For his crimes, Meyer faces a potential
maximum penalty of 20 years in prison for wire fraud and 10 years in prison for
money laundering. Judge Montgomery will determine his sentence at a future
hearing, not yet scheduled.
This case was the result of an
investigation by the Federal Bureau of Investigation and the Internal Revenue
Service-Criminal Investigation Division. The case is being prosecuted by
Assistant U.S. Attorney Laura M. Provinzino.
Posts
No comments:
Post a Comment