Prison for Hudson lawyer who stole $3M-plus in escrow money

  • Article by: Star Tribune
  • Updated: January 26, 2011 - 9:21 PM

On his 40th birthday, a lawyer from Hudson, Wis., was sentenced to more than four years in federal prison for stealing more than $3 million from a real estate title and escrow company that he co-owned.

Jason E. Fischer was sentenced Tuesday in Minneapolis to four years and two months in prison and ordered to pay more than $3 million in restitution for running the money-laundering scheme that spanned from 2006 to 2009.

In his plea agreement, Fischer admitted diverting money from the escrow account at Real Source Title, which had offices in Mahtomedi, Burnsville, Hudson and Rolling Meadows, Ill.

The stolen money was to be held in escrow for closing residential real estate sales.

To conceal the thefts, Fischer made and mailed false federal Department of Housing and Urban Development settlement documents. All the while, he was withdrawing money from the escrow account to pay for personal expenses and other real estate transactions. In 2008, for example, he invested $500,000 of escrow funds into opening and operating a restaurant in Minnesota.

PAUL WALSH

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