Rochester Man Pleads Guilty to Wire Fraud and Money Laundering

MINNEAPOLIS—Today in federal court, a35-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, madehis initial appearance in federal court today and pleaded guilty to one countof wire fraud and one count of money laundering. He entered his plea beforeUnited States District Court Judge Ann D. Montgomery.
In his plea agreement, Meyer admittedthat he started an investment company, 3 Hooligans Investment Properties, LLC(3 Hooligans), in 2007. Meyer then represented that he was an experiencedinvestor and began soliciting people to invest their money with 3 Hooligans. Hepromised his clients both significant and rapid returns for their investments,with no risk, and deposited their money into a bank account he opened at WellsFargo. However, instead of investing their money, Meyer often used the funds topay 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 wasdiscovered in 2010, Meyer participated in approximately 30 transactions each ofmoney laundering and wire fraud that the government believes resulted in lossesexceeding $7 million.
For his crimes, Meyer faces a potentialmaximum penalty of 20 years in prison for wire fraud and 10 years in prison formoney laundering. Judge Montgomery will determine his sentence at a futurehearing, not yet scheduled.
This case was the result of aninvestigation by the Federal Bureau of Investigation and the Internal RevenueService-Criminal Investigation Division. The case is being prosecuted byAssistant U.S. Attorney Laura M. Provinzino.