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 Waupaca and Marathon counties.
According to the Waupaca County criminal complaint, Fischer purchased a campground in Marion in January 2011 that he operated as Crazy J’s Campground Inc.
He used a straw buyer because he had declared bankruptcy in 2002 and believed the credit union that owned the campground would not sell directly to him.
The property was sold to the straw buyer for $3.1 million with a $310,000 down payment. At the same time, Fischer entered into a land contract with the straw buyer, agreeing to purchase the property for $3.1 million with a $310,000 down payment, plus a $100,000 service fee to the straw buyer.
The complaint states that Fischer committed securities fraud when he obtained funds from four investors during the purchase of the campground. He allegedly used funds stolen from Marathon County victims to make the down payment.
In August 2012, he allegedly made a false statement under oath regarding funds used toward the down payment, resulting in the bail jumping conviction.
According to the Marathon County complaint, Fischer operated a business, known as Valley Title, previously located in Marathon County. Homeowners had used Valley Title as a title agent when refinancing a mortgage or purchasing a house.
Fischer received more than $1 million from 10 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.
The court convicted Fischer and adjourned the matter for a later sentencing hearing. Additional crimes were dismissed and read into the court record for sentencing.
The Wisconsin Department of Justice and Marathon County District Attorney’s Office conducted the investigation.