MINNEAPOLIS (FOX 47) -- A Rochester man has pleaded guilty to wire fraud and money laundering.
Jason Micheal Meyer, 35, made his initial appearance in federal court on Tuesday. Meyer pleaded guilty to one count of wire fraud and one count of money laundering.
In a plea agreement, Meyer admitted he claimed to be an experienced investor and promised his clients significant and rapid returns with no risks. The investments, he said, were part of the company he started in 2007 -- 3 Hooligans Investment Properties.
Meyer ended up using the money to pay for personal expenses, including house payments, car payments and vacations.
Meyer now faces up to 20 years in prison for wire fraud and 10 years in prison for money laundering.
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