Investors of a potential long-term ponzi scheme operated by a Jason Meyer in Rochester, Minnesota are coming forward and demanding retribution for theft through blatant misrepresentations of high yield investment opportunities. One particular victim, Mr. Bernard H. Butts Jr., filed a complaint with the Minnesota Attorney General and is suing Jason Meyer for failure to deliver any payments as originally agreed upon.
Apparently, Bernard H. Butts Jr. came into contact with Jason Meyer via phone, e-mail, and internet messaging services. Jason Meyer solicited Butts with an investment deal offering an outrageously high yield of 25% ROI per month for 9 consecutive months. Meyer claimed that he could provide these returns on a monthly basis with essentially “no risk” by investing Butts’ principal into contracts with gold mines which guaranteed him at least 40% ROI per month.
Butts was originally entitled to receive these 9 monthly payments of 25% ROI, along with his principal back during the first month and a single payment of $1.5 million at the end of the final month. However, Meyer’s kept the first $1.5 million owed to Butts and re-negotiated a new investment deal that promised Butts the sum of approximately $19,750,000. The original investment was wired to Jason Meyer and Butts has failed to receive any of the monthly payments due to him as stated in the agreement.
As each new month approached in late 2009, Jason Meyer refused to make his payments to Butts as promised. When questioned about the breach of contract, Meyer continued to use stall tactics. His stalling efforts revolved around one major excuse, in which he claimed he used all his current cash assets to pay another investor who had invested $200 million and was promised 7% ROI per month. Meyer claimed he would be forced to defer payments to December 2009 or January 2010, but his promises were never delivered. January and February passed and Bernard H. Butts received nothing.
Beware of Jason Meyer’s ongoing deception!
Many other victims of Jason Meyer have also given their testimonies and caution people to stay on their guard. Meyer’s may attempt to “do business” with other unsuspecting individuals, and he is most likely only attempting to (1. steal additional funds, and/or (2. fuel his ponzi scheme on the verge of collapse.
A victim in Detroit, Michigan specifically warns about Jason Meyers’ partner in crime, a “Dr. Meguid.” Further research on his part indicated that Dr. Meguid may not even be a real “doctor” and has a history for interactions with scam-related activities. This victim also explains that Meyers has most likely preyed on many wealthy individuals who are not entirely familiar with trading in financial markets and institutions.
Other individuals in Orlando, Florida claim that Jason Meyers defrauded them by promising them high returns through investments in AAA grade bonds. However, as time elapsed, these investors only encountered excuses, similar to those described by Bernard H. Butts testimony. One of the Orlando victims specifically warns that Meyers goes through great lengths to assure his clients that he is a reliable and honest businessman. On some occasions, Meyers even brought his family along with him when discussing the investment deal to give people the impression that he is an innocent “family man.”
Jason Meyers has also been known to offer his prospects forms of collateral in what appears to be the form of AAA bonds. However, former victims of Meyers that inspected the collateral discovered it to be fake. Meyers apparently uses a variety of company names when discussing his investment ventures and will often instruct interested prospects to use a Wells Fargo bank account for all deposits (specifically wires).
Meyers appears to favor scanning the states of Florida and Arizona for new victims, but be aware that he could attempt to strike anywhere in the United States – potentially even anywhere in the world. If you encounter an investment proposition from Meyers or any other individual promising similar ridiculous returns (i.e. turning $2 million into nearly $20 million in just 1 year) without any professional displays of proof, do not even entertain the possibility of taking up such a shady “opportunity.” Run and don’t look back.
Links & Resources for the Jason Meyers Scam:
www.ponzischemealert.com/documents/ButtsMertz1.pdf
www.ponzischemealert.com/documents/ButtsMertz2.pdf
— — — — —
- Mr. Ryz
— — — — — — — — — —
7 comments
Cherelle says:
March 15, 2010 at 3:24 pm (UTC -5)
What is the definition of a ponzi scheme?
Mr. Ryz says:
March 15, 2010 at 3:52 pm (UTC -5)
Hello Cherelle,
In short, a ponzi scheme is a form of money laundering in which new investors’ contributions are used to satisfy former investors’ promised payments. In other words, no real investment activities take place; “returns” or “profit” is stolen from new investors and/or new investment deposits.
Once the amount owed to current investors outweighs the new investments for a given period, the ponzi scheme collapses and leaves the earlier branch of investors with a loss – some even lose everything.
For a complete definition and explanation of the “ponzi scheme,” please visit our home page:
http://www.PonziSchemeAlert.com
- Mr. Ryz
GRT Living says:
March 17, 2010 at 9:29 pm (UTC -5)
Sounds like a bernie madoff copycat who can’t sit still.
Cherelle says:
April 20, 2010 at 3:02 pm (UTC -5)
Thanks for that definition.
Cherelle says:
May 6, 2010 at 10:05 pm (UTC -5)
Also, is this the same type of thing that Bernie Madoff did?
DurlapH2 says:
May 7, 2010 at 5:49 pm (UTC -5)
Madoff had enormous influence.People of high wealthy class were admitted for years and thats why so much money was lost. This Meyer can only mimic Madoff on a small scale but yea same type of thing.
Mr. Ryz says:
May 8, 2010 at 12:28 pm (UTC -5)
Dear Cherelle,
Correct, Bernard Madoff also ran a “ponzi scheme” by SEC definition. The form and structure of Jason Meyers’ scam is similar though not identical to Madoff’s scheme. Both of these crooks used the “rob Peter to pay Paul” illegal structure.
As DurlapH2 implied earlier, one of the key differences between the two is that Madoff specifically solicited wealthy investors and various organizations. He also promised his investors a significantly smaller ROI per annum, allowing him to sustain his scheme for years.
- Mr. Ryz