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April 25, 2014

Court Convicts Jay Fischer in Million Dollar Mortgage Fraud Scheme

MADISON Attorney General J.B. Van Hollen announced that Marathon County Judge Gregory Huber found Jay Fischer guilty of a million dollar mortgage fraud scheme. Fischer pleaded no contest to racketeering, theft, fraudulent writings, securities fraud, bail jumping, failure to file an individual tax return, and failure to file a corporate tax return. The convictions resolve two criminal cases against Fischer from Marathon and Waupaca counties.

According to the Marathon County complaint, Fischer operated a business, known as Valley Title, previously located in Marathon County, Wisconsin. Homeowners had used Valley Title as a title agent when refinancing a mortgage or purchasing a house. Fischer received more than one million dollars from ten real estate transactions in 2009 and 2010. Fischer reportedly failed to pay off the old mortgages, resulting in dual active mortgages on the homes. Fischer later satisfied only two of the mortgages after the homeowners discovered the dual mortgages.

According to the Waupaca complaint, Fischer purchased a campground in January 2011 that he operated as Crazy J's Campground, Inc, located in Waupaca County. The complaint states that Fischer committed securities fraud when he obtained funds from four investors during the purchase of the campground. In August 2012, he later allegedly made a false statement under oath regarding funds used toward the down payment, resulting in the bail jumping conviction.

The court convicted Fischer and adjourned the matter for a later sentencing hearing. Additional crimes were dismissed and read into the record for consideration at the sentencing hearing.

The Wisconsin Department of Justice -- Division of Criminal Investigation and Marathon County District Attorney's Office conducted the investigation. Assistant Attorney General Winn Collins and Assistant District Attorney Ryan Wetzsteon represent the State of Wisconsin in the Marathon County prosecution. Assistant Attorney General Collins represents the State in the Waupaca County prosecution. The criminal complaints are available at the following links:

Waupaca County Complaint

Marathon County Complaint

Source: Wisconsin Department of Justice

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