Wausau Man Faces Federal Charges in $16 Million Investment Fraud Scheme
Wausau, WI – Stanley Pophal, a 63-year-old man, has been charged with running a $16 million investment scheme, according to a recently released affidavit from federal prosecutors. The U.S. Attorney’s office revealed Pophal allegedly defrauded 128 investors, using the majority of their funds to support his extravagant lifestyle, which was highlighted by a collection of over 300 snowmobiles.
Pophal faces two counts of wire fraud and money laundering and made his initial court appearance in Madison this week. Prosecutors detailed Pophal’s methods for attracting investors, which included misrepresenting his wealth and success. He claimed to have developed and sold car wash dryers, boasted connections to the affluent Fromm Brothers Fur and Ginseng Farm, and assured potential investors that he had been blessed with fortune, stating he was giving back by helping them invest.
Despite portraying himself as a millionaire or billionaire, records from the Department of Workforce Development indicate that Pophal has not held a job since 2010. Interviews with 21 of his alleged victims reveal a pattern of deceitful tactics, including promising high returns of 30 to 40 percent on investments aimed at flipping commercial properties into apartments.
In one instance, a victim transferred $50,000 to Pophal, who later diverted the funds for personal expenses, including a significant payment to a contractor. This transaction forms the basis of the federal charges against him.
Pophal’s attorney has yet to comment on the case. As this investigation unfolds, it underscores the potential dangers of investment fraud schemes and the importance of thorough due diligence by investors.
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