Corey Kromray, a 40-year-old resident of Minocqua, Wisconsin, pleaded guilty to wire fraud and money laundering in federal court 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 through March 2025 he operated an investment fraud scheme using social media and online communications. He falsely presented himself as a successful trader in stocks, mutual funds, cryptocurrency, and foreign currency exchange markets. Kromray also used social media to display apparent wealth acquired from trading activities by posting images or references to luxury items such as expensive watches, a large home, tropical vacations, and exotic sports cars.
According to statements at the hearing, Kromray told investors they could expect monthly returns of approximately 4% to 8%, with some claims suggesting up to 30% per month. Instead of investing the funds as promised, he often used investor money for personal expenses. He also sent false information about investment performance to some investors, including fictitious account statements with inflated balances. As a result of his actions, investors lost more than $800,000.
Kromray further admitted to laundering proceeds from his scheme. This included using $50,000 in investor funds toward a payment on a 2022 Lamborghini Urus.
The maximum sentence for wire fraud is 20 years in prison; for money laundering it is 10 years. Kromray will be required to pay restitution. Sentencing before Judge William M. Conley is scheduled for February 5, 2026.
The investigation was conducted by IRS Criminal Investigation and the FBI. Assistant U.S. Attorney Aaron Wegner is prosecuting the case.
