Manistique Man Pleads Guilty to Investment Scam

A Manistique man admits to running an investment scam similar to the huge one that Bernie Madoff got caught running last year.

31-year-old Jason Collins has pleaded guilty to 5 counts of larceny by conversion.

The thefts happened from 2002 to 2006.

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

Police found that Collins took about $335,000.

He used the money to pay off personal debts and make several large purchases, including a home.

Earlier in the case, State Police from the Gladstone Post said there were victims in Ohio, Washington state, the Lower Peninsula and the U.P.

They also say some of the victims lost their life savings.