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Marathon County Court Sentences Jay Fischer to Prison for Mortgage and Securities Fraud
 

MADISON — Attorney General J.B. Van Hollen announced that Marathon County Judge Gregory Huber sentenced Jay Fischer to 11 years prison followed by 18 years extended supervision for a mortgage and securities fraud scheme.  Fischer defrauded ten homeowners and four real estate investors of more than $1.2 million.

 

“The last several years have been difficult ones for some Wisconsin homeowners,” Attorney General Van Hollen said.  “This bad situation was made worse by people who pursued illegal schemes that further jeopardized the stability of the real estate market.”

 

The court sentenced Fischer after previously convicting him of racketeering, theft, securities fraud, fraudulent writings, felony bail jumping, failure to file an income tax return, and failure to file a corporate tax return.   

 

Fischer committed mortgage fraud through his former business, Valley Title, Inc., which was located in Marathon County.  Fischer served as a closing agent for residential home sales and refinances.  According to the criminal complaint, in 2009 to 2010, Fischer embezzled approximately $1 million by failing to satisfy and pay off old mortgages after the homeowners obtained new mortgages.  The scheme included residences located in Barron, Dane, Marathon, Vilas, and Wood Counties.

 

Fischer then committed securities fraud by defrauding four investors through his other former business, Crazy J’s Campground, Inc.  In 2011, Fischer purchased the multimillion dollar campground located in Waupaca County.  According to the complaint, Fischer obtained the down payment for the campground through a combination of money from four investors and money stored in his Valley Title trust accounts.  Investors lost approximately $200,000 through Fischer’s securities fraud scheme.  Fischer later provided perjured testimony under oath about the campground purchase during a court hearing in 2012.  Fischer had been released from custody on bail prior to the hearing, resulting in the conviction for felony bail jumping.

 

For a period of time during Fischer’s criminal conduct, he failed to file income and corporate tax returns with the Wisconsin Department of Revenue, resulting in the convictions for tax crimes.

 

“Fischer’s multiyear crime spree extended to six counties in Wisconsin,” Attorney General Van Hollen said.  “A thorough investigation exposed his crimes and a vigorous prosecution held him accountable.”

 

The Department of Justice -- Division of Criminal Investigation (DCI) and Marathon County District Attorney’s Office investigated the case.  Assistant Attorney General Winn Collins and Assistant District Attorney Ryan Wetzsteon represented the State of Wisconsin in the prosecution.

 

Fischer no longer operates Valley Title and no longer owns Crazy J’s Campground.  Fischer was held in custody awaiting sentencing pending the posting of a $250,000 cash bond in Marathon County and an additional $250,000 cash bond in Waupaca County.

 

At the hearing, the court also sentenced Fischer for felony sexual assault of a child and a second count of misdemeanor sexual assault prosecuted separately by Marathon County.  The court sentenced Fischer to 8 years confinement followed by 10 years extended supervision.  The court ordered this sentence concurrent to Fischer’s mortgage and securities fraud sentence.  Marathon County Deputy District Attorney Theresa Wetzsteon prosecuted the sexual assault case against Fischer.