Wis. Lawyer Sentenced In $3M Mortgage Fraud Scheme

MINNEAPOLIS (WCCO) -- A 40-year-old Hudson, Wis. lawyer was sentenced in Minneapolis Tuesday for stealing more than $3 million in a mortgage fraud scheme, according to the U.S. Attorney's Office.

Jason Eric Fischer was sentenced to 50 months in prison on one count of mail fraud and one count of money laundering. He was also ordered to pay more than $3 million in restitution.

Fischer was charged on Jan. 28, 2010 and pleaded guilty on Feb. 9, 2010.

In his plea agreement, Fischer admitted to orchestrating a scheme from 2006 through May 2009 to divert funds from an escrow account at Real Source Title, a company he jointly owned and managed. He diverted approximately $3 million from the account. By May 2009, the account was depleted and was unable to fund 15 loans.

As a result of the scheme, buyers, sellers, lenders, underwriters and others suffered significant financial loss.