The founder of 3 Hooligans Investment Properties, LLC was sentenced to five years in federal prison on Monday for swindling investors out of $11 million.
In his plea agreement, Jason Michael Meyer, of Rochester, admitted to soliciting investments in his company, 3 Hooligans Investment Properties LLC , and then using the funds to pay his personal expenses and to make Ponzi-style payments to earlier investors. He told potential clients that he was an experienced investor and promised them significant and rapid returns with virtually no risk. Instead of investing their funds as promised, however, he stole their money. Investors lost more than $11 million in the scheme, which ran from 2007 through 2009.
Reporters, however, have said that this wasn’t the only time Meyer defrauded investors.
According to the Star Tribune, Meyer “has been dogged with fraud allegations for years, piling up judgments in excess of $20 million” across a number of states, including Wisconsin, New York, and Florida. He also was a suspect in an alleged $6.5 million investment fraud scheme that authorities said defrauded investors through a variety of get-rich-quick scams, including some that involved triple-A bonds and gold-mining interests. For additionalJason Meyer investment fraud information, click here.