Title Agent Convicted of Failing to Pay Off Prior Mortgages

Allison Tussey —  May 1, 2014 — Leave a comment

Jay Fischer was found guilty by Marathon County, Wisconsin, Judge Gregory Huber of a million dollar mortgage fraud scheme wherein he failed to pay off prior mortgages, resulting in dual active mortgages on homes.

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., 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.

Attorney General J.B. Van Hollen announced the conviction.

 

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