A fly-back AC-DC power converter has a constant-current control loop that senses the primary output current in a transformer to control the secondary output without an expensive opto-isolator. A primary-side control circuit can use either a Quasi-Resonant (QR) or a Pulse-Width-Modulation (PWM) control loop to switch primary current through the transformer on and off. A feedback voltage is compared to a primary-side voltage sensed from the primary current loop to turn the switch on and off. A multiplier loop generates the feedback voltage using a multiplier. A level-shift inverter and a low-pass filter act as the multiplier by multiplying an off duty cycle of the switch by the feedback voltage to generate a filtered voltage. A high-gain error amp compares the filtered voltage to a reference voltage to generate the feedback voltage. The multiplier produces a simple relationship between the secondary current and the reference voltage, yielding simplified current control.