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Ex-Wausau businessman convicted of crimes including sex assault, racketeering

WAUSAU, WI (WTAQ) - A former Wausau businessman has been found guilty of several felony crimes, including sexual assault of a teenager, racketeering, theft, and securities fraud.

Jay Fischer pled guilty to the two sexual assault charges, and no contest to seven other charges in a Marathon County Courthouse Friday.

According to court documents, Fischer previously operated Valley Title, using the business as a title agent when refinancing a mortgage or purchasing a house.

Fischer received more than $1 million from ten real estate transactions in 2009 and 2010, while reportedly failing 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.

Fischer also purchased a Waupaca County campground in 2011, using funds from four investors in what the court determined was securities fraud.

A sentencing date will be scheduled soon.

(Story courtesy of Wheeler News Service)