Bond Set at $1M for Wausau Business Owner Accused of Embezzlement and Fraud
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Bond is set at $1,000,000 for the former Wausau business owner accused of 25 criminal charges including fraud, theft, and racketeering.
According to the complaint, Jay Fischer, 52, operated a business, known as Valley Title, previously located on 17th Avenue 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 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 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.
Fischer was arrested Monday in Waupaca County.
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