1 Year in Jail for Manistique Investment Scam

A Manistique man goes to jail for a year for running an investment scam.

31-year-old Jason Collins will also have to pay restitution.

Within the next 2 weeks or so, a judge will determine how much.

In October, Collins pleaded guilty to 5 counts of larceny by conversion.

State Police have said it was similar to the huge Ponzi scheme that former NASDAQ chief Bernie Madoff used to run.

There were victims in Ohio, Washington state, the Lower Peninsula and the U.P.

Some of them lost their life savings.

Collins posed as the president of a private investment club, convinced people to invest and later told them all their money was gone.

Collins took more than $300,000.

He used the money to get himself out of debt and make several large purchases, including a home.

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