Minocqua Man Pleads Guilty to Wire Fraud and Money Laundering

MADISON, WIS. – Chadwick M. Elgersma, Acting United States Attorney for the Western District of Wisconsin, announced that Corey Kromray, 40, Minocqua, Wisconsin, pleaded guilty on November 7, 2025, in federal district court in Madison to wire fraud and money laundering in connection to his long-term investment fraud scheme.

At the plea hearing, Kromray admitted that between September 2018 and March 2025, he used social media and other online communications to falsely portray himself as a successful trader in stocks, mutual funds, cryptocurrency, and the foreign currency exchange market (forex). Kromray also used social media to display wealth he allegedly acquired from trading, including images or references to expensive watches, a large home, tropical vacations, and exotic sports cars. During meetings with investors, Kromray told them that they could expect a monthly rate of return of approximately 4% to 8%, with the potential of earning up to 30% a month.

Instead of investing money as promised, Kromray often used investor money to pay his personal expenses. He also provided some investors with false information about the success of their investments, including sending fictitious account statements with inflated portfolio balances. Investors lost more than $800,000 as a result of Kromray’s conduct.

At the plea hearing, Kromray admitted that he laundered proceeds from his wire fraud scheme, including using $50,000 in investor funds to make a payment on a 2022 Lamborghini Urus.

The maximum penalty for wire fraud is 20 years in prison and the maximum penalty for money laundering is 10 years in prison. Kromray will also be ordered to pay restitution. Sentencing before the Honorable William M. Conley is scheduled for February 5, 2026, at 1:00 p.m.

The charges against Kromray were a result of an investigation led by IRS Criminal Investigation and the FBI. Assistant U.S. Attorney Aaron Wegner is handling the prosecution.