Thursday, July 19, 2012

Wisconsin AG, Local DA Bag Closing Agent For Allegedly Pocketing Approximately $1M In Loan Proceeds Intended For Existing Mortgage Payoffs

From the Office of the Wisconsin Attorney General:

  • Attorney General J.B. Van Hollen and Marathon County District Attorney Kenneth J. Heimerman announced the filing of a complaint [], charging Jay Fischer with racketeering, embezzlement, fraud, and tax crimes. The complaint filed in Marathon County included twenty-one felony and four misdemeanor counts.

    According to the complaint, Fischer operated a business, known as Valley Title, previously located on 17th Street in Wausau. Valley Title served as a closing agent for real estate transactions. Homeowners utilized Valley Title as a title agent when refinancing a mortgage or purchasing a house.

    According to the complaint, 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 two of the mortgages after the homeowners discovered dual mortgages on their properties. The complaint alleges that Fischer kept approximately one million dollars from the remaining eight mortgages.

    The charge of racketeering alleges that Fischer used his business, Valley Title, to embezzle money and obtain signatures on the closing documents by fraud. The complaint also charges Fischer with failing to file individual and corporate tax returns in 2009 and 2010. Fischer no longer actively operates Valley Title, according to the investigation.

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