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5 years in prison for investment scam

Published On: Mar 19 2013 11:57:42 AM CDT

istock

MINNEAPOLIS (AP) -

A Rochester man has been sentenced to 5 years in prison for swindling more than $11 million in investment scam.

In a plea agreement with federal prosecutors, 35-year-old Jason Meyer acknowledged misrepresenting himself as an experienced investor. Meyer started a company called 3 Holligans Investment Properties in 2007.

He pleaded guilty to wire fraud and money laundering last year. Prosecutors say Meyer promised his clients significant returns on their investments with little risk. He deposited their money in a bank account and spent the money on a house, family vacations and a BMW. Meyer found new clients and used their money to pay previous investors.

The FBI and Internal Revenue Service investigated the case.

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