Madison, Wisconsin — A 40-year-old Wisconsin man has pleaded guilty to charges of wire fraud and money laundering for orchestrating a long-term investment scam that defrauded investors of more than $800,000, federal prosecutors announced.
Corey Kromray, of Minocqua, Wisconsin, admitted at a plea hearing on November 7, 2025, that he misled investors over 6.5 years, starting in September 2018, using social media and other online platforms to portray himself as a successful trader.
How the Scheme Worked
Kromray promoted investments in:
- Cryptocurrency
- Foreign currency exchange
- Mutual funds
- Stock markets
He posted images and updates online showcasing a luxurious lifestyle, including vacation homes, exotic cars, and designer watches, to convince investors of his supposed wealth. Kromray promised returns of 4-8% monthly, with some claims of up to 30%.
Instead of investing the funds, Kromray spent much of the money on personal expenses, while providing some investors with fake account statements to give the illusion of successful trading and inflated portfolios.
Financial Impact
According to the U.S. Attorney’s Office for the Western District of Wisconsin, victims collectively lost over $800,000. Notably, Kromray admitted to using approximately $50,000 of the funds to make a payment on a 2022 Lamborghini Urus, a luxury sports utility vehicle valued at roughly $263,000, according to Kelley Blue Book…