Corey Kromray, a 40-year-old resident of Minocqua, Wisconsin, pleaded guilty to charges of wire fraud and money laundering in federal district court in Madison on November 7, 2025. The announcement was made by Chadwick M. Elgersma, Acting United States Attorney for the Western District of Wisconsin.
During the plea hearing, Kromray admitted that from September 2018 to March 2025 he operated an investment fraud scheme using social media and other online platforms. He falsely presented himself as a successful trader in stocks, mutual funds, cryptocurrency, and foreign currency exchange markets. To support his claims, Kromray posted images or references to expensive watches, a large home, tropical vacations, and exotic sports cars.
Kromray told investors they could expect monthly returns between 4% and 8%, with the possibility of earning up to 30% per month. However, instead of investing the funds as promised, he used investor money for personal expenses and sent false account statements showing inflated portfolio balances. The losses suffered by investors exceeded $800,000.
At the hearing, Kromray also admitted to laundering proceeds from his fraudulent activities. This included using $50,000 of investor funds as a payment on a 2022 Lamborghini Urus.
According to authorities, wire fraud carries a maximum penalty of 20 years in prison while money laundering has a maximum penalty of 10 years. Restitution will also be ordered. Sentencing is scheduled before Judge William M. Conley on February 5, 2026.
The investigation was conducted by IRS Criminal Investigation and the FBI. Assistant U.S. Attorney Aaron Wegner is prosecuting the case.
